Corebridge Financial Inc. Has $9.91 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Corebridge Financial Inc. reduced its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 86,594 shares of the financial services provider’s stock after selling 3,890 shares during the period. Corebridge Financial Inc. owned 0.11% of Pinnacle Financial Partners worth $9,905,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $70,000. UMB Bank n.a. grew its stake in Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. grew its stake in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. Trust Co. of Vermont acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $97,000. Finally, Northwest & Ethical Investments L.P. bought a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $137,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Trading Down 1.4 %

Shares of Pinnacle Financial Partners stock opened at $108.68 on Thursday. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a market cap of $8.41 billion, a PE ratio of 18.17 and a beta of 1.09. The firm has a 50-day moving average of $115.14 and a 200-day moving average of $112.02. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 $470.33 million. During the same quarter in the previous year, the firm posted $1.68 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.88%. Pinnacle Financial Partners’s payout ratio is currently 16.05%.

Insider Activity

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now owns 9,943 shares of the company’s stock, valued at $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PNFP has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens reaffirmed an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Citigroup lifted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $125.18.

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.