Journey Strategic Wealth LLC Makes New $220,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Journey Strategic Wealth LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,919 shares of the financial services provider’s stock, valued at approximately $220,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. FMR LLC raised its holdings in Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after acquiring an additional 282,016 shares in the last quarter. Geode Capital Management LLC increased its position in Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after buying an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Pinnacle Financial Partners by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after buying an additional 172,750 shares during the last quarter. Principal Financial Group Inc. increased its position in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Pinnacle Financial Partners by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after buying an additional 9,856 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction that occurred on 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 owns 92,565 shares in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 86,970 shares of company stock valued at $10,862,061. 1.87% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $121.84 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $119.48 and a two-hundred day moving average price of $106.98. 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 $9.41 billion, a P/E ratio of 20.37 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period last year, the business posted $1.68 EPS. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.79%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 14.72%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PNFP shares. Hovde Group downgraded 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 report on Monday, November 18th. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Finally, Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $125.18.

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.