Park Avenue Securities LLC Boosts Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Park Avenue Securities LLC lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 25.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,702 shares of the financial services provider’s stock after buying an additional 1,777 shares during the period. Park Avenue Securities LLC’s holdings in Pinnacle Financial Partners were worth $995,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. grew its position in shares of Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after buying an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $3,606,000. Geode Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after buying an additional 8,604 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after purchasing an additional 9,856 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Up 1.6 %

Shares of NASDAQ PNFP opened at $119.91 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The firm has a 50-day moving average price of $119.52 and a 200 day moving average price of $104.47. The stock has a market capitalization of $9.26 billion, a price-to-earnings ratio of 22.80 and a beta of 1.09.

Wall Street Analyst Weigh In

PNFP has been the topic of several research reports. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Stephens raised their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $122.73.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated 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 owns 60,805 shares in the company, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the transaction, the director now owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock worth $9,563,127 over the last 90 days. Company 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.