Allspring Global Investments Holdings LLC Decreases Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)
Allspring Global Investments Holdings LLC lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 9.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 216,747 shares of the financial services provider’s stock after selling 21,879 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.28% of Pinnacle Financial Partners worth $18,614,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Caprock Group LLC boosted its stake in shares of Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after buying an additional 122 shares during the period. NBC Securities Inc. boosted its stake in shares of Pinnacle Financial Partners by 1.3% in the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after buying an additional 124 shares during the period. Covenant Partners LLC boosted its stake in shares of Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares during the period. Park Avenue Securities LLC lifted its stake in Pinnacle Financial Partners by 2.5% during the first quarter. Park Avenue Securities LLC now owns 9,988 shares of the financial services provider’s stock worth $858,000 after purchasing an additional 239 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Pinnacle Financial Partners by 3.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 9,025 shares of the financial services provider’s stock worth $787,000 after purchasing an additional 299 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.
Pinnacle Financial Partners Trading Down 1.6 %
NASDAQ:PNFP opened at $76.97 on Friday. The firm has a market cap of $5.94 billion, a P/E ratio of 11.01 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock’s 50 day simple moving average is $79.10 and its 200-day simple moving average is $82.08. Pinnacle Financial Partners, Inc. has a 12-month low of $55.38 and a 12-month high of $92.33.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last released its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The business had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.77 EPS for the current year.
Pinnacle Financial Partners Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 3rd were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 12.59%.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on PNFP shares. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. Stephens decreased their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Truist Financial cut their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Jefferies Financial Group cut their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $94.25.
Get Our Latest Stock Report on PNFP
Insider Activity
In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the transaction, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the transaction, the chief executive officer now owns 222,790 shares of the company’s stock, valued at $18,039,306.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the transaction, the chairman now directly owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Corporate insiders own 1.87% of the company’s stock.
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.
See Also
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