Barlow Wealth Partners Inc. Increases Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Barlow Wealth Partners Inc. grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 17.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 176,870 shares of the financial services provider's stock after buying an additional 26,311 shares during the period. Pinnacle Financial Partners makes up 2.7% of Barlow Wealth Partners Inc.'s portfolio, making the stock its 9th biggest position. Barlow Wealth Partners Inc. owned approximately 0.23% of Pinnacle Financial Partners worth $21,217,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PNFP. Victory Capital Management Inc. boosted its stake in Pinnacle Financial Partners by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock worth $18,282,000 after acquiring an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth $3,606,000. Geode Capital Management LLC lifted its position in 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after purchasing an additional 9,856 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Pinnacle Financial Partners by 27.0% during 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 in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded up $1.82 on Wednesday, hitting $122.04. The company's stock had a trading volume of 700,041 shares, compared to its average volume of 490,887. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The firm has a market capitalization of $9.43 billion, a P/E ratio of 23.20 and a beta of 1.09. The stock has a fifty day moving average of $119.40 and a two-hundred day moving average of $104.77. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The business had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470,334.57 billion. During the same quarter in the prior year, the business earned $1.68 EPS. The firm's revenue for the quarter was up 19.9% on a year-over-year basis. Research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued 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 is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.79%. Pinnacle Financial Partners's payout ratio is presently 16.73%.

Insider Activity at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 20,000 shares of the company's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the transaction, the director now owns 92,565 shares of the company's stock, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,661 shares of company stock worth $9,563,127. Insiders own 1.87% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of research reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research note on Tuesday, December 31st. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Stephens reaffirmed an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday. Finally, Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $124.73.

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.