Stifel Financial Corp Sells 278 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Stifel Financial Corp trimmed its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,547 shares of the financial services provider’s stock after selling 278 shares during the quarter. Stifel Financial Corp’s holdings in Pinnacle Financial Partners were worth $935,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in Pinnacle Financial Partners by 17.9% during 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 in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Pinnacle Financial Partners during the third quarter valued at approximately $3,606,000. Pier Capital LLC boosted its holdings in shares of Pinnacle Financial Partners by 16.5% in the second quarter. Pier Capital LLC now owns 111,797 shares of the financial services provider’s stock valued at $8,948,000 after purchasing an additional 15,797 shares during the period. Edgestream Partners L.P. grew its stake in Pinnacle Financial Partners by 1,017.9% in the second quarter. Edgestream Partners L.P. now owns 71,064 shares of the financial services provider’s stock worth $5,688,000 after purchasing an additional 64,707 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings 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 period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on PNFP. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Stephens boosted their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Finally, UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $118.91.

Pinnacle Financial Partners Stock Up 1.3 %

Shares of PNFP stock opened at $113.67 on Tuesday. The stock’s fifty day moving average price is $116.33 and its 200 day moving average price is $99.03. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 21.61 and a beta of 1.08.

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 (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.07. The firm had revenue of $810.11 million for the quarter, compared to the consensus estimate of $454.18 million. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. During the same quarter in the prior year, the company posted $1.79 earnings per share. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 3,610 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the transaction, the director now directly owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock valued at $9,563,127 in the last ninety 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.