FMR LLC lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 10.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,003,310 shares of the financial services provider's stock after acquiring an additional 286,894 shares during the quarter. FMR LLC owned about 3.89% of Pinnacle Financial Partners worth $343,549,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNFP. Principal Securities Inc. increased its holdings in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after buying an additional 91 shares in the last quarter. Sage Mountain Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock valued at $4,141,000 after purchasing an additional 99 shares during the period. First Horizon Advisors Inc. raised its holdings in Pinnacle Financial Partners by 3.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider's stock worth $389,000 after buying an additional 102 shares during the period. Quadrant Capital Group LLC lifted its stake in Pinnacle Financial Partners by 3.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,352 shares of the financial services provider's stock valued at $383,000 after buying an additional 126 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in shares of Pinnacle Financial Partners by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock worth $277,000 after buying an additional 129 shares during the period. Institutional investors own 87.40% of the company's stock.
Analyst Ratings Changes
A number of equities analysts recently commented on PNFP shares. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a research note on Wednesday. UBS Group assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective for the company. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Wells Fargo & Company lowered their price objective on shares of 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. Finally, JPMorgan Chase & Co. reduced 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. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $123.80.
Read Our Latest Stock Analysis on PNFP
Pinnacle Financial Partners Stock Performance
Shares of PNFP stock traded up $0.50 during mid-day trading on Wednesday, reaching $94.86. The stock had a trading volume of 247,194 shares, compared to its average volume of 504,067. The firm has a market cap of $7.34 billion, a PE ratio of 15.86 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The firm's 50 day simple moving average is $106.39 and its 200 day simple moving average is $111.89.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analysts' expectations 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 business earned $1.53 earnings per share. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.
Pinnacle Financial Partners Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.01%. Pinnacle Financial Partners's payout ratio is presently 16.05%.
Insider Buying and Selling at Pinnacle Financial Partners
In other news, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David B. Ingram sold 40,000 shares of the firm's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares of the company's stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 over the last three months. Company insiders own 1.46% of the company's stock.
Pinnacle Financial Partners Profile
(
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.
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