Sanctuary Advisors LLC Raises Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sanctuary Advisors LLC boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 585.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 27,465 shares of the financial services provider’s stock after buying an additional 23,456 shares during the quarter. Sanctuary Advisors LLC’s holdings in Pinnacle Financial Partners were worth $2,691,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PNFP. SG Americas Securities LLC purchased a new stake in Pinnacle Financial Partners during the 2nd quarter valued at about $366,000. Envestnet Portfolio Solutions Inc. raised its position in Pinnacle Financial Partners by 11.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,670 shares of the financial services provider’s stock valued at $774,000 after purchasing an additional 966 shares during the last quarter. Raymond James & Associates raised its position in Pinnacle Financial Partners by 0.4% during the 2nd quarter. Raymond James & Associates now owns 203,716 shares of the financial services provider’s stock valued at $16,305,000 after purchasing an additional 904 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Pinnacle Financial Partners by 2.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 171,629 shares of the financial services provider’s stock valued at $13,737,000 after purchasing an additional 4,187 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in Pinnacle Financial Partners during the 2nd quarter valued at approximately $188,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Truist Financial increased their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Finally, Stephens increased their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and an average target price of $117.55.

Pinnacle Financial Partners Stock Down 1.4 %

PNFP stock opened at $117.03 on Wednesday. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market cap of $9.04 billion, a PE ratio of 22.25 and a beta of 1.08. The business has a 50 day moving average of $115.18 and a 200 day moving average of $98.03.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The company had revenue of $810.11 million during the quarter, compared to analyst estimates of $454.18 million. During the same quarter last year, the company earned $1.79 EPS. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 annualized dividend and a yield of 0.75%. Pinnacle Financial Partners’s dividend payout ratio is 16.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,661 shares of company stock worth $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.