Ashton Thomas Private Wealth LLC Has $2.59 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Ashton Thomas Private Wealth LLC boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 40.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,606 shares of the financial services provider's stock after buying an additional 6,494 shares during the period. Ashton Thomas Private Wealth LLC's holdings in Pinnacle Financial Partners were worth $2,586,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNFP. Azora Capital LP purchased a new position in Pinnacle Financial Partners in the third quarter valued at about $64,326,000. Raymond James Financial Inc. purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at about $44,737,000. FMR LLC grew its stake in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Holocene Advisors LP purchased a new position in Pinnacle Financial Partners in the third quarter valued at about $21,576,000. Finally, Principal Financial Group Inc. grew its stake in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock valued at $96,332,000 after purchasing an additional 208,938 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $106.62 on Friday. The business has a 50 day moving average price of $117.88 and a 200 day moving average price of $111.35. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 17.83 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

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Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. 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 prior year, the company earned $1.68 EPS. The firm's revenue for the quarter was up 19.9% compared to the same quarter last year. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.90%. Pinnacle Financial Partners's dividend payout ratio is presently 16.05%.

Analysts Set New Price Targets

PNFP has been the topic of a number of recent research reports. Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research note on Thursday, January 23rd. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price target for the company. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Stephens reiterated an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Hold" and a consensus target price of $125.18.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, the chairman now owns 83,000 shares of the company's stock, valued at $9,446,230. This represents a 32.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the company's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 96,970 shares of company stock worth $11,749,561 in the last 90 days. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Company 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.

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