LPL Financial LLC Boosts Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

LPL Financial LLC boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 45.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,255 shares of the financial services provider's stock after purchasing an additional 8,816 shares during the quarter. LPL Financial LLC's holdings in Pinnacle Financial Partners were worth $3,232,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PNFP. KLP Kapitalforvaltning AS acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at $1,796,000. American Century Companies Inc. raised its position in shares of Pinnacle Financial Partners by 1.8% during the 4th quarter. American Century Companies Inc. now owns 33,826 shares of the financial services provider's stock worth $3,869,000 after purchasing an additional 614 shares during the last quarter. Douglass Winthrop Advisors LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter worth about $229,000. Northwest & Ethical Investments L.P. boosted its stake in shares of Pinnacle Financial Partners by 180.4% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 3,925 shares of the financial services provider's stock worth $448,000 after acquiring an additional 2,525 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at $367,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 0.2 %

Pinnacle Financial Partners stock traded up $0.22 during trading on Thursday, reaching $94.97. The stock had a trading volume of 75,934 shares, compared to its average volume of 566,459. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-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 stock has a market cap of $7.35 billion, a PE ratio of 15.87 and a beta of 0.94. The business has a 50 day moving average price of $105.81 and a 200 day moving average price of $111.77.

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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, 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 quarter in the previous year, the business earned $1.53 earnings per share. On average, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 16.05%.

Insider Activity

In related news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction 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 in the company, valued at $1,009,711.65. This represents a 23.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 of the company's stock, valued at $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,350 shares of company stock valued at $11,421,320. Insiders own 1.46% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of recent research reports. Stephens reiterated an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Barclays reduced their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Hovde Group upgraded 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 report on Wednesday. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, Citigroup upped their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and an average target price of $119.50.

Pinnacle Financial Partners 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.