Curran Financial Partners LLC Takes Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Curran Financial Partners LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 2,079 shares of the financial services provider’s stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. OneDigital Investment Advisors LLC increased its position in shares of Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after acquiring an additional 88 shares during the period. EverSource Wealth Advisors LLC grew its stake in Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. increased its holdings in Pinnacle Financial Partners by 10.6% during the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 126 shares during the period. Strategic Blueprint LLC raised its position in Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 133 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Pinnacle Financial Partners by 16.5% in the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after buying an additional 141 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Truist Financial lifted their price target on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. 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.com, the company presently has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Stock Up 0.8 %

Shares of NASDAQ PNFP opened at $123.28 on Monday. The stock has a market cap of $9.52 billion, a PE ratio of 20.62 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The business has a 50-day moving average price of $119.31 and a 200 day moving average price of $105.71. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 9.04% and a net margin of 15.48%. The company’s revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.68 earnings per share. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.78%. Pinnacle Financial Partners’s payout ratio is currently 14.72%.

Insider Activity

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,661 shares of company stock valued at $9,563,127. 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.