Beacon Capital Management LLC Has $2.56 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Beacon Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 101,563.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,366 shares of the financial services provider's stock after acquiring an additional 22,344 shares during the quarter. Pinnacle Financial Partners accounts for 0.3% of Beacon Capital Management LLC's portfolio, making the stock its 24th largest holding. Beacon Capital Management LLC's holdings in Pinnacle Financial Partners were worth $2,558,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. FMR LLC lifted its position in shares of Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after acquiring an additional 282,016 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock worth $130,192,000 after buying an additional 8,604 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Pinnacle Financial Partners by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider's stock valued at $99,443,000 after buying an additional 172,750 shares in the last quarter. Principal Financial Group Inc. raised its position in Pinnacle Financial Partners by 27.0% during 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 buying an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted 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 acquiring an additional 9,856 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on PNFP. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research note on Tuesday, December 31st. JPMorgan Chase & Co. decreased their target price on shares of 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. UBS Group started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Finally, Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Hold" and a consensus price target of $125.18.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, 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 transaction, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chairman now directly owns 123,000 shares of the company's stock, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 126,970 shares of company stock worth $15,922,061 over the last ninety days. Company insiders own 1.87% of the company's stock.

Pinnacle Financial Partners Stock Down 0.8 %

Shares of NASDAQ PNFP traded down $1.00 during mid-day trading on Wednesday, reaching $120.91. 363,657 shares of the company traded hands, compared to its average volume of 479,167. The company's fifty day moving average is $118.68 and its two-hundred day moving average is $109.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The stock has a market cap of $9.34 billion, a PE ratio of 20.22 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS 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 company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same quarter last year, the company posted $1.68 earnings per share. The company's revenue for the quarter was up 19.9% compared to the same quarter last year. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given 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 is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.79%. Pinnacle Financial Partners's payout ratio is currently 16.05%.

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.