8,590 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by Legato Capital Management LLC

4 months ago
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Legato Capital Management LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 8,590 shares of the financial services provider’s stock, valued at approximately $749,000.

Several other institutional investors have also modified their holdings of the business. Bruce G. Allen Investments LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $32,000. Emerald Advisers LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $27,000. Fifth Third Bancorp grew its position in shares of Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock valued at $28,000 after buying an additional 213 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth $28,000. Finally, DecisionPoint Financial LLC purchased a new stake in Pinnacle Financial Partners in the second quarter valued at $28,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

A number of research analysts recently issued reports on the company. Stephens restated an “overweight” rating and set a $108.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 17th. Barclays initiated coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They set an “equal weight” rating and a $93.00 target price on the stock. Citigroup started coverage on shares of Pinnacle Financial Partners in a research report on Friday, December 1st. They set a “buy” rating and a $86.00 target price on the stock. Truist Financial reduced their price target on shares of Pinnacle Financial Partners from $100.00 to $93.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Finally, UBS Group lowered their price target on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $88.11.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $87.43, for a total value of $553,519.33. Following the transaction, the chairman now owns 202,699 shares in the company, valued at $17,721,973.57. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $87.43, for a total value of $553,519.33. Following the completion of the sale, the chairman now directly owns 202,699 shares of the company’s stock, valued at $17,721,973.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $906,886.60. Following the transaction, the chairman now directly owns 97,226 shares in the company, valued at approximately $7,993,921.72. The disclosure for this sale can be found here. Insiders sold a total of 54,175 shares of company stock valued at $4,487,253 in the last ninety days. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners stock opened at $82.83 on Monday. The stock has a market capitalization of $6.38 billion, a P/E ratio of 11.54 and a beta of 1.07. 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 0.44, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s 50-day moving average is $83.76 and its two-hundred day moving average is $76.76.

Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last issued its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.01. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The company had revenue of $396.34 million for the quarter, compared to analysts’ expectations of $416.97 million. During the same quarter in the previous year, the firm posted $1.76 earnings per share. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.82 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd were issued a $0.22 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $0.88 dividend on an annualized basis and a yield of 1.06%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.26%.

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.
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Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report).

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