Sanctuary Advisors LLC boosted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 585.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,465 shares of the financial services provider's stock after purchasing an additional 23,456 shares during the period. Sanctuary Advisors LLC's holdings in Pinnacle Financial Partners were worth $2,691,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of PNFP. Azora Capital LP purchased a new position in Pinnacle Financial Partners in the third quarter worth $64,326,000. Dimensional Fund Advisors LP boosted its position in Pinnacle Financial Partners by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,094,498 shares of the financial services provider's stock worth $247,673,000 after purchasing an additional 292,401 shares during the last quarter. FMR LLC boosted its position in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock worth $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Holocene Advisors LP purchased a new position in Pinnacle Financial Partners in the third quarter worth $21,576,000. Finally, Principal Financial Group Inc. boosted its position in Pinnacle Financial Partners by 27.0% in the third 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. Hedge funds and other institutional investors own 87.40% of the company's stock.
In other news, Director David B. Ingram sold 20,000 shares of the company's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares in the company, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock worth $9,563,127 in the last ninety days. 1.87% of the stock is currently owned by insiders.
NASDAQ:PNFP opened at $117.03 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The firm has a market cap of $9.04 billion, a price-to-earnings ratio of 22.25 and a beta of 1.08. The business's fifty day moving average is $115.18 and its 200 day moving average is $98.03.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.07. The business had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. During the same period in the prior year, the company earned $1.79 EPS. Research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.
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 $0.22 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a yield of 0.75%. Pinnacle Financial Partners's dividend payout ratio is currently 16.73%.
PNFP has been the topic of several research analyst reports. Stephens boosted their price objective 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. Truist Financial boosted their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research note 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 on the stock. in a research note on Monday, November 18th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of "Hold" and a consensus price target of $117.55.
Read Our Latest Research Report on PNFP
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.
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