Crossmark Global Holdings Inc. Purchases 210 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Crossmark Global Holdings Inc. raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 6,084 shares of the financial services provider’s stock after acquiring an additional 210 shares during the period. Crossmark Global Holdings Inc.’s holdings in Pinnacle Financial Partners were worth $696,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC increased its stake in Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of 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 valued at $130,192,000 after buying an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of 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 acquiring an additional 172,750 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after acquiring an additional 9,856 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity

In related news, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares in the company, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock valued at $9,563,127 over the last quarter. Company insiders own 1.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Truist Financial increased their price objective 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. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday. Stephens reaffirmed an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday. UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Trading Up 0.8 %

Shares of PNFP stock opened at $123.28 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average of $119.31 and a 200-day moving average of $105.53. The firm has a market cap of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470,334.57 billion. During the same quarter in the prior year, the firm earned $1.68 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

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.