Angel Oak Capital Advisors LLC Acquires New Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Angel Oak Capital Advisors LLC purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 8,800 shares of the financial services provider's stock, valued at approximately $1,007,000. Pinnacle Financial Partners comprises about 1.3% of Angel Oak Capital Advisors LLC's holdings, making the stock its 14th biggest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners during the 3rd quarter worth $30,000. Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners during the third quarter worth about $49,000. Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth about $70,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 48.1% in the 4th 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 during the last quarter. Finally, Principal Securities Inc. lifted its position in Pinnacle Financial Partners by 12.7% in the 4th 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 during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 126,970 shares of company stock valued at $15,922,061. 1.87% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Hovde Group lowered shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Wells Fargo & Company raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a report on Thursday, January 23rd. Citigroup upped their price objective on shares of 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 started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $125.18.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded down $4.07 during trading hours on Friday, reaching $114.21. 304,709 shares of the company's stock were exchanged, compared to its average volume of 467,818. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $8.82 billion, a P/E ratio of 19.10 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The business's 50-day simple moving average is $118.68 and its two-hundred day simple moving average is $109.45.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company's revenue was up 19.9% compared to the same quarter last year. During the same period last year, the company posted $1.68 EPS. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.84%. The ex-dividend date is Friday, February 7th. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is presently 16.05%.

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.