Barlow Wealth Partners Inc. Acquires Shares of 143,720 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Barlow Wealth Partners Inc. purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 143,720 shares of the financial services provider’s stock, valued at approximately $12,535,000. Pinnacle Financial Partners makes up about 1.8% of Barlow Wealth Partners Inc.’s portfolio, making the stock its 28th biggest holding. Barlow Wealth Partners Inc. owned approximately 0.19% of Pinnacle Financial Partners as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNFP. Caprock Group LLC raised its position in shares of Pinnacle Financial Partners by 2.2% in the 4th quarter. Caprock Group LLC now owns 5,604 shares of the financial services provider’s stock valued at $489,000 after purchasing an additional 122 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Pinnacle Financial Partners by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock worth $2,215,000 after purchasing an additional 170 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Pinnacle Financial Partners by 57.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 200 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 213 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its stake in Pinnacle Financial Partners by 17.6% in the third quarter. Venturi Wealth Management LLC now owns 2,000 shares of the financial services provider’s stock worth $134,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial reduced their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Hovde Group cut their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. UBS Group lowered their price target 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. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Finally, Jefferies Financial Group dropped their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $95.50.

Insiders Place Their Bets

In related news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction 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 in the company, valued at approximately $5,250,240.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’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 completion of the transaction, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value 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 disclosure for this sale can be found here. Insiders sold 235,093 shares of company stock valued at $19,103,353 over the last quarter. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.5 %

Shares of PNFP traded up $0.39 during mid-day trading on Wednesday, reaching $83.68. The company’s stock had a trading volume of 493,710 shares, compared to its average volume of 472,901. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Pinnacle Financial Partners, Inc. has a 1 year low of $46.05 and a 1 year high of $92.33. The business has a fifty day moving average of $81.77 and a 200 day moving average of $80.16. The company has a market cap of $6.45 billion, a price-to-earnings ratio of 11.92 and a beta of 1.09.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis 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 (DPR) is presently 12.59%.

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.