Canada Pension Plan Investment Board Invests $4.48 Million in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Canada Pension Plan Investment Board purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 39,200 shares of the financial services provider's stock, valued at approximately $4,484,000. Canada Pension Plan Investment Board owned 0.05% of Pinnacle Financial Partners as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Marshall Wace LLP acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $1,617,000. EAM Investors LLC acquired a new position in Pinnacle Financial Partners in the 4th quarter worth approximately $4,330,000. AGP Franklin LLC purchased a new position in Pinnacle Financial Partners during the 4th quarter worth approximately $2,396,000. Cahaba Wealth Management Inc. raised its stake in Pinnacle Financial Partners by 1.7% during the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock valued at $758,000 after purchasing an additional 113 shares during the period. Finally, Mariner LLC lifted its holdings in shares of Pinnacle Financial Partners by 18.0% in the fourth quarter. Mariner LLC now owns 53,277 shares of the financial services provider's stock valued at $6,094,000 after purchasing an additional 8,112 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Up 3.5 %

Pinnacle Financial Partners stock opened at $96.99 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The firm's fifty day simple moving average is $103.73 and its 200-day simple moving average is $111.90. The company has a market capitalization of $7.50 billion, a P/E ratio of 16.22 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. The company 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 last year, the company earned $1.53 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 0.99%. Pinnacle Financial Partners's payout ratio is currently 15.53%.

Analyst Ratings Changes

Several research firms recently weighed in on PNFP. Wells Fargo & Company dropped their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Barclays reduced their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods dropped their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Finally, Stephens reissued an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $119.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the transaction, the director now owns 82,256 shares in the company, valued at $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock worth $11,421,320 over the last 90 days. Insiders own 1.46% of the company's stock.

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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