Atomi Financial Group Inc. acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) during the 4th quarter, Holdings Channel reports. The firm acquired 1,932 shares of the financial services provider’s stock, valued at approximately $221,000.
Several other institutional investors also recently modified their holdings of PNFP. Hsbc Holdings PLC increased its stake in shares of Pinnacle Financial Partners by 14.6% during the 2nd quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 613 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Pinnacle Financial Partners by 2.4% during the 2nd quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 215 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $1,226,000. AQR Capital Management LLC increased its stake in shares of Pinnacle Financial Partners by 143.0% during the 2nd quarter. AQR Capital Management LLC now owns 68,129 shares of the financial services provider’s stock worth $5,332,000 after purchasing an additional 40,091 shares during the last quarter. Finally, Algert Global LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $621,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Pinnacle Financial Partners
In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their position. The sale was disclosed in a legal filing 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 dated 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 transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by corporate insiders.
Pinnacle Financial Partners Price Performance
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470,334.57 billion. During the same period last year, the business earned $1.68 earnings per share. Pinnacle Financial Partners’s revenue was up 19.9% compared to the same quarter last year. Equities 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 declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.77%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is 14.72%.
Wall Street Analyst Weigh In
PNFP has been the topic of several recent analyst reports. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Finally, UBS Group began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $125.18.
Check Out Our Latest Analysis 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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