Los Angeles Capital Management LLC Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Los Angeles Capital Management LLC grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 120,673 shares of the financial services provider’s stock after purchasing an additional 850 shares during the period. Los Angeles Capital Management LLC owned approximately 0.16% of Pinnacle Financial Partners worth $10,525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PNFP. Caprock Group LLC grew its holdings in Pinnacle Financial Partners by 2.2% in the fourth 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 during the last quarter. Treasurer of the State of North Carolina raised its position in Pinnacle Financial Partners by 0.5% during the third 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 acquiring an additional 170 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Pinnacle Financial Partners by 57.1% in the third 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 grew its position in shares of Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 213 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its stake in shares of Pinnacle Financial Partners by 17.6% during the 3rd 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. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Up 1.7 %

PNFP opened at $82.19 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $92.33. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $6.34 billion, a PE ratio of 11.76 and a beta of 1.09. The firm’s fifty day moving average price is $81.76 and its 200 day moving average price is $79.77.

Pinnacle Financial Partners Announces Dividend

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 issued a $0.22 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.07%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.59%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’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 sale, the chairman now owns 153,062 shares of the company’s stock, valued at approximately $12,404,144.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Harold R. Carpenter sold 6,306 shares of the business’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 owns 63,856 shares of the company’s stock, valued at $5,250,240.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the transaction, the chairman now 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. In the last ninety days, insiders have sold 235,093 shares of company stock valued at $19,103,353. Corporate insiders own 1.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PNFP shares. Hovde Group lowered their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Barclays assumed coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target on the stock. Truist Financial reduced their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Stephens restated an “overweight” rating and issued a $109.00 price target on shares of Pinnacle Financial Partners in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.50.

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.