Kraft Asset Management LLC Acquires Shares of 2,025 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Kraft Asset Management LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,025 shares of the financial services provider’s stock, valued at approximately $243,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC raised its position in Pinnacle Financial Partners by 9.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,046 shares of the financial services provider’s stock worth $804,000 after purchasing an additional 875 shares during the last quarter. Hsbc Holdings PLC raised its position in Pinnacle Financial Partners by 14.6% in the 2nd quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 613 shares during the last quarter. Intech Investment Management LLC bought a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $368,000. Sei Investments Co. raised its position in shares of Pinnacle Financial Partners by 15.8% during the 2nd quarter. Sei Investments Co. now owns 268,208 shares of the financial services provider’s stock valued at $21,467,000 after acquiring an additional 36,604 shares during the last quarter. Finally, Evergreen Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 9.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,664 shares of the financial services provider’s stock valued at $213,000 after acquiring an additional 240 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following 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 disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock worth $9,563,127 in the last three months. 1.87% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Citigroup upped their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday. Finally, Truist Financial boosted their price target 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. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $124.73.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $122.04 on Thursday. The firm has a market cap of $9.43 billion, a price-to-earnings ratio of 20.41 and a beta of 1.09. 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 12-month low of $73.62 and a 12-month high of $131.91. The company’s fifty day simple moving average is $119.40 and its 200 day simple moving average is $104.77.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.12%. The company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470,334.57 billion. During the same period in the previous year, the firm posted $1.68 earnings per share. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.79%. Pinnacle Financial Partners’s dividend payout ratio is currently 14.72%.

Pinnacle Financial Partners Company 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.