Bessemer Group Inc. increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 3.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 186,706 shares of the financial services provider's stock after purchasing an additional 6,313 shares during the quarter. Bessemer Group Inc. owned 0.24% of Pinnacle Financial Partners worth $21,358,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of PNFP. Quantinno Capital Management LP raised its stake in shares of Pinnacle Financial Partners by 41.5% in the 3rd quarter. Quantinno Capital Management LP now owns 17,842 shares of the financial services provider's stock valued at $1,748,000 after acquiring an additional 5,236 shares during the period. Barclays PLC boosted its position in shares of Pinnacle Financial Partners by 117.0% during the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock valued at $16,442,000 after purchasing an additional 90,478 shares in the last quarter. Geode Capital Management LLC increased 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 acquiring an additional 8,604 shares in the last quarter. Sanctuary Advisors LLC increased its stake in Pinnacle Financial Partners by 585.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider's stock valued at $2,691,000 after buying an additional 23,456 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $229,000. Institutional investors and hedge funds own 87.40% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the stock. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a report on Wednesday. Stephens reiterated an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 target price on the stock. Wells Fargo & Company decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Finally, Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $121.50.
Read Our Latest Stock Report on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Up 0.7 %
Pinnacle Financial Partners stock traded up $0.63 during trading on Wednesday, reaching $94.99. 287,828 shares of the company's stock were exchanged, compared to its average volume of 504,364. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 15.88 and a beta of 0.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The company's 50-day moving average is $106.39 and its two-hundred day moving average is $111.89. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period in the previous year, the company earned $1.53 earnings per share. On average, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.
Pinnacle Financial Partners Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.01%. Pinnacle Financial Partners's dividend payout ratio is 16.05%.
Insiders Place Their Bets
In related news, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares of the company's stock, valued at $25,615,567.76. The trade was a 0.78 % 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. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction 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. The trade was a 32.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 in the last quarter. 1.46% of the stock is currently owned by corporate insiders.
About Pinnacle Financial Partners
(
Free Report)
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.
Featured Articles
Before you consider Pinnacle Financial Partners, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pinnacle Financial Partners wasn't on the list.
While Pinnacle Financial Partners currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Enter your email address and below to see which companies made the list.
Get This Free Report
