Artemis Investment Management LLP Has $43.94 Million Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Artemis Investment Management LLP trimmed its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.4% in the first quarter, HoldingsChannel.com reports. The firm owned 511,885 shares of the financial services provider’s stock after selling 2,014 shares during the period. Artemis Investment Management LLP’s holdings in Pinnacle Financial Partners were worth $43,944,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PNFP. Caprock Group LLC increased its position in 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 buying an additional 122 shares in the last quarter. NBC Securities Inc. increased its position in Pinnacle Financial Partners by 1.3% in the 4th quarter. NBC Securities Inc. now owns 9,419 shares of the financial services provider’s stock valued at $821,000 after buying an additional 124 shares in the last quarter. Covenant Partners LLC increased its position in Pinnacle Financial Partners by 1.4% in the 4th quarter. Covenant Partners LLC now owns 10,699 shares of the financial services provider’s stock valued at $933,000 after buying an additional 149 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Pinnacle Financial Partners by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock valued at $2,215,000 after purchasing an additional 170 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its stake in Pinnacle Financial Partners by 2.5% during the 1st quarter. Park Avenue Securities LLC now owns 9,988 shares of the financial services provider’s stock valued at $858,000 after purchasing an additional 239 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on PNFP shares. Barclays started 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 for the company. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating on the stock in a research note on Thursday. Jefferies Financial Group cut their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Truist Financial cut their target price 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. Finally, Stephens cut their target price on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $94.25.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on 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 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 Securities & Exchange Commission, which is available at this hyperlink. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on 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 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the completion of the transaction, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded up $2.77 during trading on Friday, hitting $80.04. The stock had a trading volume of 777,955 shares, compared to its average volume of 431,304. Pinnacle Financial Partners, Inc. has a 1 year low of $55.23 and a 1 year high of $92.33. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average is $79.38 and its two-hundred day moving average is $82.38. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 11.05 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.52 by $0.01. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. The business had revenue of $428.14 million for the quarter, compared to the consensus estimate of $413.27 million. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 6.74 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were issued a dividend of $0.22 per share. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.10%. Pinnacle Financial Partners’s payout ratio is 12.59%.

Pinnacle Financial Partners 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.