15,700 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 15,700 shares of the financial services provider's stock, valued at approximately $1,796,000.

Several other hedge funds have also recently modified their holdings of the stock. Brooklyn Investment Group purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth approximately $70,000. UMB Bank n.a. grew its holdings in shares of Pinnacle Financial Partners by 48.1% during the fourth 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 during the last quarter. Principal Securities Inc. increased its position in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after acquiring an additional 91 shares during the period. Trust Co. of Vermont acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $97,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth $137,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded down $1.29 during trading on Tuesday, reaching $104.75. 559,202 shares of the company's stock traded hands, compared to its average volume of 476,923. The firm has a market cap of $8.10 billion, a PE ratio of 17.52 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a 50-day simple moving average of $114.04 and a 200-day simple moving average of $112.53.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. During the same period in the previous year, the business earned $1.68 earnings per share. The business's revenue was up 19.9% compared to the same quarter last year. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.92%. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.05%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research reports. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Stephens restated 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 initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective on the stock. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $125.18.

Insider Activity

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the transaction, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were 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 approximately $10,364,256. This trade represents a 11.14 % decrease in their position. 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. 1.46% of the stock is currently owned by company insiders.

About Pinnacle Financial Partners

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.