OLD National Bancorp IN Reduces Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

OLD National Bancorp IN cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 51.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,141 shares of the financial services provider’s stock after selling 3,332 shares during the quarter. OLD National Bancorp IN’s holdings in Pinnacle Financial Partners were worth $274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PNFP. Emerald Advisers LLC purchased a new stake in Pinnacle Financial Partners in the 3rd quarter worth approximately $27,000. Fifth Third Bancorp lifted its holdings in Pinnacle Financial Partners by 101.4% in the 3rd quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after buying an additional 213 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $32,000. Nomura Asset Management Co. Ltd. lifted its holdings in Pinnacle Financial Partners by 57.1% in the 3rd 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 lifted its holdings in Pinnacle Financial Partners by 62.3% in the 4th quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after buying an additional 332 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group dropped their price objective on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. Truist Financial dropped their price objective on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a report on Thursday. Stephens reissued an “overweight” rating and issued a $109.00 target price on shares of Pinnacle Financial Partners in a research report on Tuesday. Hovde Group decreased their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Jefferies Financial Group decreased their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus price target of $95.50.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the transaction, the chairman now owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Chairman Richard D. Callicutt II sold 11,030 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $906,886.60. Following the completion of the transaction, the chairman now owns 97,226 shares of the company’s stock, valued at approximately $7,993,921.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Insiders sold a total of 47,844 shares of company stock valued at $3,933,734 in the last 90 days. Corporate insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Down 1.7 %

Shares of NASDAQ:PNFP opened at $81.53 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $43.31 and a 52-week high of $92.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $6.28 billion, a P/E ratio of 11.66 and a beta of 1.08. The stock has a 50 day moving average price of $82.28 and a 200-day moving average price of $79.19.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

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.