Barlow Wealth Partners Inc. Grows Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Barlow Wealth Partners Inc. raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 17.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 176,870 shares of the financial services provider’s stock after acquiring an additional 26,311 shares during the quarter. Pinnacle Financial Partners makes up approximately 2.7% of Barlow Wealth Partners Inc.’s holdings, making the stock its 9th biggest position. Barlow Wealth Partners Inc. owned approximately 0.23% of Pinnacle Financial Partners worth $21,217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sheets Smith Wealth Management raised its holdings in Pinnacle Financial Partners by 3.1% during the fourth quarter. Sheets Smith Wealth Management now owns 5,669 shares of the financial services provider’s stock worth $648,000 after acquiring an additional 171 shares in the last quarter. Atomi Financial Group Inc. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $221,000. Lmcg Investments LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $229,000. Crossmark Global Holdings Inc. boosted its holdings in shares of Pinnacle Financial Partners by 3.6% in the 4th quarter. Crossmark Global Holdings Inc. now owns 6,084 shares of the financial services provider’s stock valued at $696,000 after buying an additional 210 shares during the last quarter. Finally, Ballentine Partners LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at $228,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the transaction, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. This represents a 17.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.3 %

Shares of NASDAQ PNFP opened at $120.22 on Wednesday. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The stock’s fifty day moving average is $119.52 and its 200 day moving average is $104.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $9.29 billion, a P/E ratio of 22.86 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470,334.57 billion. During the same period last year, the firm earned $1.68 EPS. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PNFP has been the subject of several research reports. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. Finally, JPMorgan Chase & Co. decreased their target price on 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. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $122.73.

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.