Legacy Financial Advisors Inc. Acquires Shares of 2,295 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Legacy Financial Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,295 shares of the financial services provider’s stock, valued at approximately $200,000.

A number of other large investors have also added to or reduced their stakes in PNFP. Bruce G. Allen Investments LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $32,000. Emerald Advisers LLC purchased a new position in Pinnacle Financial Partners during the third quarter valued at approximately $27,000. Fifth Third Bancorp raised its stake in Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after buying an additional 213 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock worth $37,000 after buying an additional 200 shares during the period. Finally, CWM LLC boosted its position in Pinnacle Financial Partners by 62.3% during the 4th quarter. CWM LLC now owns 865 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 332 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.0 %

Shares of Pinnacle Financial Partners stock opened at $82.98 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The firm’s 50-day moving average price is $81.76 and its 200 day moving average price is $79.88. The firm has a market capitalization of $6.40 billion, a PE ratio of 11.76 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a twelve month low of $46.05 and a twelve month high of $92.33.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of analyst reports. Hovde Group decreased their target price on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 24th. Jefferies Financial Group lowered their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. UBS Group reduced their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. Finally, Truist Financial decreased their price objective on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $95.50.

Insider Activity

In related news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the sale, the chairman now owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard D. Callicutt II sold 11,030 shares of the stock in a transaction 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 owns 97,226 shares of the company’s stock, valued at $7,993,921.72. The disclosure for this sale can be found here. Insiders sold 235,093 shares of company stock worth $19,103,353 over the last ninety days. Corporate insiders own 1.87% of the company’s stock.

About Pinnacle Financial Partners

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.