Intrust Bank NA Boosts Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Intrust Bank NA increased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 22.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,228 shares of the financial services provider’s stock after acquiring an additional 1,848 shares during the quarter. Intrust Bank NA’s holdings in Pinnacle Financial Partners were worth $892,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Caprock Group LLC grew its stake in Pinnacle Financial Partners by 2.2% in 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 boosted its position in shares of Pinnacle Financial Partners by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after buying an additional 170 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Pinnacle Financial Partners by 57.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 200 shares during the period. Fifth Third Bancorp lifted its holdings in Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 213 shares during the period. Finally, Venturi Wealth Management LLC lifted its holdings in Pinnacle Financial Partners by 17.6% in the third quarter. Venturi Wealth Management LLC now owns 2,000 shares of the financial services provider’s stock valued at $134,000 after acquiring an additional 300 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PNFP shares. Barclays began coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price on the stock. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. Truist Financial cut their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. UBS Group cut their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, January 18th. Finally, Hovde Group cut their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.50.

Pinnacle Financial Partners Stock Down 0.9 %

NASDAQ PNFP traded down $0.75 during trading on Tuesday, reaching $78.61. 45,165 shares of the company’s stock traded hands, compared to its average volume of 461,590. The company’s 50 day simple moving average is $82.11 and its two-hundred day simple moving average is $79.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $92.33. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of 11.35 and a beta of 1.08.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the sale, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the sale, the chief executive officer now owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The disclosure for this sale can be found here. Insiders sold 235,093 shares of company stock worth $19,103,353 in the last three months. Corporate insiders own 1.87% of the company’s stock.

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.