Truist Financial Corp Has $21.46 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Truist Financial Corp cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 246,010 shares of the financial services provider’s stock after selling 11,702 shares during the quarter. Truist Financial Corp’s holdings in Pinnacle Financial Partners were worth $21,457,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP increased its holdings in Pinnacle Financial Partners by 102.7% in 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 in the last quarter. Earnest Partners LLC increased its stake in shares of Pinnacle Financial Partners by 35.9% in the 3rd quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider’s stock valued at $42,511,000 after acquiring an additional 167,527 shares in the last quarter. North Reef Capital Management LP lifted its position in shares of Pinnacle Financial Partners by 15.9% during the 3rd quarter. North Reef Capital Management LP now owns 910,108 shares of the financial services provider’s stock valued at $61,014,000 after acquiring an additional 124,573 shares during the period. Los Angeles Capital Management LLC bought a new position in Pinnacle Financial Partners during the third quarter worth $8,033,000. Finally, Envestnet Asset Management Inc. grew its holdings in Pinnacle Financial Partners by 43.0% in the third quarter. Envestnet Asset Management Inc. now owns 251,598 shares of the financial services provider’s stock worth $16,867,000 after purchasing an additional 75,691 shares during the period. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PNFP shares. Jefferies Financial Group dropped their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Truist Financial dropped their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Barclays began coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. UBS Group decreased their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. Finally, JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.50.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $79.36 on Tuesday. Pinnacle Financial Partners, Inc. has a 52 week low of $43.31 and a 52 week high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average price of $82.11 and a 200-day moving average price of $79.53. The company has a market cap of $6.12 billion, a PE ratio of 11.35 and a beta of 1.08.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 24,057 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $1,977,966.54. Following the completion of the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 235,093 shares of company stock worth $19,103,353. Corporate insiders own 1.87% of the company’s stock.

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.