Jennison Associates LLC Reduces Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jennison Associates LLC reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 15.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,071,179 shares of the financial services provider’s stock after selling 198,324 shares during the period. Jennison Associates LLC’s holdings in Pinnacle Financial Partners were worth $93,428,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Caprock Group LLC raised its stake in Pinnacle Financial Partners by 2.2% during the fourth quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock worth $489,000 after purchasing an additional 122 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Pinnacle Financial Partners by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock worth $2,215,000 after buying an additional 170 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of Pinnacle Financial Partners by 57.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after buying an additional 200 shares during the period. Fifth Third Bancorp raised its holdings in shares of Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 213 shares during the period. Finally, Venturi Wealth Management LLC lifted its stake in shares of Pinnacle Financial Partners by 17.6% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,000 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO M Terry Turner sold 24,057 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $1,977,966.54. Following the transaction, the chief executive officer now owns 294,790 shares of the company’s stock, valued at approximately $24,237,633.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Insiders sold 47,844 shares of company stock valued at $3,933,734 in the last three months. 1.87% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on PNFP. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Barclays initiated coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target for the company. Jefferies Financial Group decreased their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. UBS Group lowered their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. Finally, Stephens reissued an “overweight” rating and set a $108.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $92.57.

Pinnacle Financial Partners Trading Up 2.4 %

Shares of PNFP opened at $81.42 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a one year low of $43.31 and a one year high of $92.33. The stock has a 50-day moving average price of $82.32 and a 200 day moving average price of $79.05. The company has a market capitalization of $6.28 billion, a P/E ratio of 11.34 and a beta of 1.08.

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.