Curran Financial Partners LLC Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Curran Financial Partners LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, HoldingsChannel reports. The firm bought 2,079 shares of the financial services provider’s stock, valued at approximately $238,000.

Several other hedge funds have also modified their holdings of PNFP. OneDigital Investment Advisors LLC grew its holdings in Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after acquiring an additional 88 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Pinnacle Financial Partners by 10.6% during the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 126 shares during the period. Strategic Blueprint LLC increased its holdings in shares of Pinnacle Financial Partners by 3.4% in the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 133 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Pinnacle Financial Partners by 16.5% in the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 141 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $123.28 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The business has a fifty day moving average of $119.31 and a 200-day moving average of $105.71. The stock has a market cap of $9.52 billion, a price-to-earnings ratio of 20.62 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470,334.57 billion. During the same quarter in the previous year, the company posted $1.68 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be paid a dividend of $0.24 per share. This is an increase 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 dividend yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio is presently 14.72%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PNFP. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Finally, Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $125.18.

Insider Buying and Selling

In other news, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the transaction, the director now owns 139,489 shares of the company’s stock, valued at $17,585,378.23. This represents a 2.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is owned by insiders.

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.