Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Atria Investments Inc

Atria Investments Inc increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,298 shares of the financial services provider's stock after purchasing an additional 3,422 shares during the period. Atria Investments Inc owned approximately 0.06% of Pinnacle Financial Partners worth $5,639,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. Brooklyn Investment Group purchased a new position in Pinnacle Financial Partners in the third quarter worth $70,000. UMB Bank n.a. lifted its holdings 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 acquiring an additional 239 shares during the period. Principal Securities Inc. lifted its holdings 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 acquiring an additional 91 shares during the period. Finally, Trust Co. of Vermont purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $97,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares of the company's stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 90,309 shares of company stock worth $10,911,334 over the last quarter. 1.87% of the stock is owned by company insiders.

Remove Ads

Analyst Ratings Changes

Several analysts recently commented on the stock. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st. Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens restated an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company lifted their price target 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. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded down $7.20 during mid-day trading on Monday, hitting $99.42. The stock had a trading volume of 618,518 shares, compared to its average volume of 460,244. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. 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 cap of $7.69 billion, a PE ratio of 16.63 and a beta of 1.09. The company's fifty day simple moving average is $117.88 and its two-hundred day simple moving average is $111.48.

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 EPS for the quarter, topping analysts' consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm's revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.68 earnings per share. On average, equities analysts expect 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 disclosed 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 a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.97%. Pinnacle Financial Partners's dividend payout ratio is 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.