Advisory Services Network LLC Purchases Shares of 3,539 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Advisory Services Network LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,539 shares of the financial services provider's stock, valued at approximately $405,000.

A number of other hedge funds also recently modified their holdings of the stock. Barclays PLC raised its stake in shares of Pinnacle Financial Partners by 117.0% during the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock worth $16,442,000 after acquiring an additional 90,478 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after acquiring an additional 8,604 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in Pinnacle Financial Partners by 585.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider's stock valued at $2,691,000 after acquiring an additional 23,456 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $229,000. Finally, Principal Financial Group Inc. increased its stake in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after purchasing an additional 208,938 shares during the period. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded up $0.80 during midday trading on Tuesday, reaching $94.48. 27,443 shares of the company were exchanged, compared to its average volume of 505,978. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a market cap of $7.31 billion, a PE ratio of 15.80 and a beta of 0.94. The business's fifty day moving average is $104.19 and its two-hundred day moving average is $112.00. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. During the same period in the prior year, the firm earned $1.53 EPS. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 1.02%. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Stephens restated an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods lowered their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price for the company in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares of the company's stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 over the last quarter. Insiders own 1.46% 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.