Gibson Capital LLC Purchases Shares of 4,425 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Gibson Capital LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFPFree Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,425 shares of the financial services provider’s stock, valued at approximately $386,000.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at about $83,461,000. Wellington Management Group LLP raised its position in shares of Pinnacle Financial Partners by 102.7% during the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after purchasing an additional 947,704 shares during the period. Principal Financial Group Inc. raised its position in shares of Pinnacle Financial Partners by 185.5% during the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock worth $70,486,000 after purchasing an additional 525,101 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 14.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after buying an additional 334,502 shares in the last quarter. Finally, Earnest Partners LLC grew its stake in Pinnacle Financial Partners by 35.9% in the third quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider’s stock valued at $42,511,000 after purchasing an additional 167,527 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 3.8 %

Shares of PNFP stock traded up $2.81 during trading hours on Wednesday, reaching $77.43. The company had a trading volume of 200,962 shares, compared to its average volume of 432,144. Pinnacle Financial Partners, Inc. has a 12 month low of $52.91 and a 12 month high of $92.33. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The business has a fifty day simple moving average of $80.39 and a 200-day simple moving average of $82.48. The company has a market cap of $5.98 billion, a price-to-earnings ratio of 10.68 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFPGet Free Report) last posted its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. The company had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is 12.59%.

Insiders Place Their Bets

In related news, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO M Terry Turner sold 72,000 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the sale, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the sale, the chairman now directly owns 153,062 shares in the company, valued at $12,404,144.48. The disclosure for this sale can be found here. Corporate insiders own 1.87% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of several analyst reports. Jefferies Financial Group dropped their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Stephens decreased their price target on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target for the company. Finally, Truist Financial decreased their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $94.63.

Get Our Latest Analysis on PNFP

About Pinnacle Financial Partners

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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