Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 27.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 983,282 shares of the financial services provider’s stock after acquiring an additional 208,938 shares during the quarter. Principal Financial Group Inc. owned approximately 1.27% of Pinnacle Financial Partners worth $96,332,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $229,000. Sanctuary Advisors LLC raised its position in shares of Pinnacle Financial Partners by 585.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider’s stock worth $2,691,000 after purchasing an additional 23,456 shares during the period. Geode Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares in the last quarter. Barclays PLC raised its position in Pinnacle Financial Partners by 117.0% in the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock worth $16,442,000 after acquiring an additional 90,478 shares in the last quarter. Finally, Pier Capital LLC grew its holdings in shares of Pinnacle Financial Partners by 0.4% in the 3rd quarter. Pier Capital LLC now owns 112,242 shares of the financial services provider’s stock worth $10,996,000 after acquiring an additional 445 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 1.2 %

PNFP stock opened at $112.24 on Friday. The stock’s 50 day simple moving average is $116.05 and its 200 day simple moving average is $98.46. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $8.67 billion, a P/E ratio of 21.34 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same period last year, the business posted $1.79 earnings per share. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were issued a $0.22 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.78%. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PNFP shares. Truist Financial raised their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. UBS Group began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday. They set a “neutral” rating and a $133.00 price target for the company. Citigroup lifted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $118.91.

Insider Activity

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the sale, the director now owns 92,565 shares in the company, valued at approximately $11,665,041.30. This trade represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by insiders.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.