Krilogy Financial LLC Buys 6,658 Shares of Pinnacle Financial Partners, Inc. $PNFP

Krilogy Financial LLC lifted its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 80.3% during the fourth quarter, Holdings Channel reports. The fund owned 14,949 shares of the company’s stock after acquiring an additional 6,658 shares during the quarter. Krilogy Financial LLC’s holdings in Pinnacle Financial Partners were worth $1,434,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. BOKF NA increased its position in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares during the period. Covestor Ltd increased its position in Pinnacle Financial Partners by 193.9% in the 3rd quarter. Covestor Ltd now owns 338 shares of the company’s stock worth $32,000 after buying an additional 223 shares during the period. Quent Capital LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $34,000. Finally, Eastern Bank bought a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $37,000. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, February 12th. The shares were bought at an average price of $94.52 per share, with a total value of $94,520.00. Following the acquisition, the chief financial officer owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on PNFP shares. Citigroup lifted their price target on Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $120.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Truist Financial set a $100.00 price target on Pinnacle Financial Partners in a research report on Friday, January 9th. Finally, Evercore reaffirmed an “outperform” rating on shares of Pinnacle Financial Partners in a research report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $112.25.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $97.39 on Wednesday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $120.46. The company has a market cap of $7.55 billion, a PE ratio of 12.04, a PEG ratio of 0.33 and a beta of 1.00. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 24.72%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.