Strategic Blueprint LLC Has $424,000 Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Strategic Blueprint LLC lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 3,703 shares of the financial services provider’s stock after selling 322 shares during the period. Strategic Blueprint LLC’s holdings in Pinnacle Financial Partners were worth $424,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $30,000. UMB Bank n.a. raised its position in Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners during the third quarter valued at about $49,000. Quarry LP grew its holdings in shares of Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $70,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.9 %

Shares of PNFP stock opened at $124.77 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50 day simple moving average of $119.48 and a two-hundred day simple moving average of $106.78. The company has a market cap of $9.64 billion, a P/E ratio of 20.86 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.68 EPS. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders 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 an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.77%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 14.72%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the sale, the director now owns 139,489 shares in the company, valued at approximately $17,585,378.23. The trade was a 2.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’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 trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock valued at $9,563,127 in the last three months. Corporate insiders own 1.87% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Truist Financial increased their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. 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 report on Wednesday, December 4th. Finally, Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $125.18.

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.