Shayne & Jacobs LLC Invests $201,000 in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Shayne & Jacobs LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFPFree Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,000 shares of the financial services provider’s stock, valued at approximately $201,000.

A number of other hedge funds have also made changes to their positions in PNFP. Norges Bank acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $61,723,000. William Blair Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $33,832,000. State Street Corp grew its position in shares of Pinnacle Financial Partners by 17.4% during the first quarter. State Street Corp now owns 3,471,580 shares of the financial services provider’s stock worth $191,492,000 after buying an additional 514,970 shares in the last quarter. New York State Common Retirement Fund grew its position in shares of Pinnacle Financial Partners by 210.0% during the second quarter. New York State Common Retirement Fund now owns 531,717 shares of the financial services provider’s stock worth $30,122,000 after buying an additional 360,187 shares in the last quarter. Finally, Walleye Capital LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth approximately $16,750,000. Institutional investors and hedge funds own 82.91% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.4 %

Shares of Pinnacle Financial Partners stock traded down $0.34 during trading on Tuesday, hitting $81.02. 196,058 shares of the stock traded hands, compared to its average volume of 581,634. The stock has a market cap of $6.22 billion, a P/E ratio of 11.33 and a beta of 1.11. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a twelve month low of $43.31 and a twelve month high of $92.33. The company has a fifty day moving average price of $84.35 and a two-hundred day moving average price of $73.77.

Pinnacle Financial Partners (NASDAQ:PNFPGet Free Report) last posted its earnings results on Wednesday, January 17th. The financial services provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.01. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The firm had revenue of $396.34 million during the quarter, compared to analyst estimates of $416.97 million. During the same period in the previous year, the company earned $1.76 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.96 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Thursday, February 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 12.26%.

Insiders Place Their Bets

In other news, Chairman Robert A. Mccabe, Jr. sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $82.79, for a total transaction of $8,279,000.00. Following the sale, the chairman now directly owns 202,071 shares in the company, valued at $16,729,458.09. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 100,000 shares of the business’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $82.79, for a total value of $8,279,000.00. Following the transaction, the chairman now owns 202,071 shares of the company’s stock, valued at $16,729,458.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Charles E. Brock sold 2,000 shares of the business’s stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $80.91, for a total value of $161,820.00. Following the completion of the transaction, the director now directly owns 34,293 shares in the company, valued at approximately $2,774,646.63. The disclosure for this sale can be found here. Insiders have sold a total of 110,762 shares of company stock valued at $9,207,587 in the last three months. Company insiders own 2.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PNFP shares. Citigroup started coverage on Pinnacle Financial Partners in a research note on Friday, December 1st. They set a “buy” rating and a $86.00 price objective on the stock. Jefferies Financial Group upgraded shares of Pinnacle Financial Partners from an “underperform” rating to a “hold” rating and set a $71.00 price objective on the stock in a research note on Tuesday, October 10th. Stephens restated an “overweight” rating and set a $108.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 17th. Truist Financial cut their price objective on shares of Pinnacle Financial Partners from $100.00 to $93.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Finally, UBS Group lowered their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, January 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.50.

View Our Latest Stock Report on PNFP

Pinnacle Financial Partners Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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