KBC Group NV Acquires 24,407 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

KBC Group NV raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1,054.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,722 shares of the financial services provider's stock after acquiring an additional 24,407 shares during the quarter. KBC Group NV's holdings in Pinnacle Financial Partners were worth $3,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PNFP. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners during the third quarter valued at about $30,000. UMB Bank n.a. lifted its position in shares of Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after buying an additional 226 shares in the last quarter. Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at approximately $49,000. Quarry LP increased its holdings in Pinnacle Financial Partners by 3,500.0% in the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider's stock worth $61,000 after acquiring an additional 735 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $70,000. Institutional investors own 87.40% of the company's stock.

Insider Buying and Selling

In other news, Director David B. Ingram sold 10,309 shares of the firm's stock in a transaction that occurred on 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 sale, the director now directly owns 82,256 shares of the company's stock, valued at $10,364,256. This trade represents a 11.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business's 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 transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 86,970 shares of company stock worth $10,862,061. Corporate insiders own 1.87% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP traded up $1.88 during mid-day trading on Tuesday, hitting $123.72. 475,283 shares of the stock were exchanged, compared to its average volume of 502,531. The firm has a 50-day moving average of $119.22 and a two-hundred day moving average of $107.39. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. 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 has a market cap of $9.56 billion, a PE ratio of 20.69 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results 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. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same quarter in the prior year, the firm earned $1.68 earnings per share. Pinnacle Financial Partners's revenue was up 19.9% on a year-over-year basis. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This is an increase 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 dividend yield of 0.78%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 14.72%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Truist Financial boosted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 23rd. 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. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $125.18.

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.