Crossmark Global Holdings Inc. lifted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 3.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,084 shares of the financial services provider’s stock after acquiring an additional 210 shares during the period. Crossmark Global Holdings Inc.’s holdings in Pinnacle Financial Partners were worth $696,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of the business. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. UMB Bank n.a. lifted its stake in Pinnacle Financial Partners by 83.4% during the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $49,000. Quarry LP boosted its holdings in shares of Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 735 shares in the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $70,000. 87.40% of the stock is owned by institutional investors.
Insiders Place Their Bets
In related news, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the sale, the director now owns 92,565 shares in the company, valued at $11,665,041.30. This represents a 17.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 76,661 shares of company stock worth $9,563,127. Company insiders own 1.87% of the company’s stock.
Pinnacle Financial Partners Trading Up 0.8 %
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470,334.57 billion. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.68 EPS. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.56 EPS for the current year.
Pinnacle Financial Partners Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.78%. Pinnacle Financial Partners’s payout ratio is presently 16.05%.
Wall Street Analyst Weigh In
PNFP has been the topic of several research analyst reports. Citigroup raised their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Stephens reaffirmed an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $125.18.
View Our Latest Stock Report on PNFP
Pinnacle Financial Partners Company 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.
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