Edgestream Partners L.P. Boosts Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Edgestream Partners L.P. raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 83.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,558 shares of the financial services provider's stock after purchasing an additional 14,381 shares during the quarter. Edgestream Partners L.P.'s holdings in Pinnacle Financial Partners were worth $3,610,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $70,000. UMB Bank n.a. grew its holdings in Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after buying an additional 239 shares in the last quarter. Principal Securities Inc. increased its position in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after buying an additional 91 shares during the period. Finally, Trust Co. of Vermont acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $97,000. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated 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 transaction, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the sale, the chief executive officer now owns 254,552 shares of the company's stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,350 shares of company stock valued at $11,116,670. Company insiders own 1.87% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PNFP shares. Hovde Group lowered shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a research report on Monday, November 18th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Stephens reiterated an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock 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 given a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Hold" and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Up 1.8 %

NASDAQ PNFP traded up $1.80 during mid-day trading on Wednesday, hitting $101.38. The company's stock had a trading volume of 460,489 shares, compared to its average volume of 460,416. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of 16.95 and a beta of 1.09. The company's 50 day simple moving average is $117.30 and its 200 day simple moving average is $111.53. 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 twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business's revenue was up 19.9% on a year-over-year basis. During the same period last year, the company earned $1.68 earnings per share. Analysts anticipate 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 $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.95%. 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. 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.