Barlow Wealth Partners Inc. Acquires New Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Barlow Wealth Partners Inc. bought a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, Holdings Channel reports. The fund bought 143,720 shares of the financial services provider’s stock, valued at approximately $12,535,000. Pinnacle Financial Partners makes up approximately 1.8% of Barlow Wealth Partners Inc.’s holdings, making the stock its 28th biggest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC lifted its stake in Pinnacle Financial Partners by 6,999.3% in the 4th quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock worth $2,663,000 after purchasing an additional 30,097 shares in the last quarter. Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 102.7% during the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after buying an additional 947,704 shares in the last quarter. Lisanti Capital Growth LLC bought a new position in Pinnacle Financial Partners in the 4th quarter worth about $7,781,000. FMR LLC raised its holdings in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. FMR LLC now owns 2,084,141 shares of the financial services provider’s stock valued at $139,721,000 after acquiring an additional 69,197 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Pinnacle Financial Partners by 31.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 238,626 shares of the financial services provider’s stock valued at $20,813,000 after acquiring an additional 57,187 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Up 0.5 %

NASDAQ:PNFP traded up $0.39 during trading hours on Wednesday, reaching $83.68. 493,710 shares of the company traded hands, compared to its average volume of 472,901. Pinnacle Financial Partners, Inc. has a 1 year low of $46.05 and a 1 year high of $92.33. The stock has a market capitalization of $6.45 billion, a P/E ratio of 11.92 and a beta of 1.09. The business’s 50-day moving average price is $81.77 and its two-hundred day moving average price is $80.16. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PNFP. Hovde Group lowered their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 23rd. Stephens restated an “overweight” rating and set a $109.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Truist Financial dropped their price target on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. UBS Group reduced their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, January 18th. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $95.50.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares of the company’s stock, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Insiders have sold a total of 235,093 shares of company stock worth $19,103,353 in the last quarter. Corporate insiders own 1.87% of the company’s stock.

About Pinnacle Financial Partners

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.