MetLife Investment Management LLC boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 9.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,129 shares of the financial services provider's stock after purchasing an additional 3,592 shares during the period. MetLife Investment Management LLC owned 0.06% of Pinnacle Financial Partners worth $4,934,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. lifted its holdings in Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 239 shares during the last quarter. Principal Securities Inc. boosted its holdings in shares of 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. Trust Co. of Vermont acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at about $97,000. Values First Advisors Inc. raised its holdings in Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after acquiring an additional 955 shares during the period. Finally, Blue Trust Inc. lifted its position in Pinnacle Financial Partners by 20.6% during the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock worth $181,000 after acquiring an additional 271 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms recently issued reports on PNFP. Stephens restated an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research note on Tuesday, December 31st. Barclays dropped their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note 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 target price on the stock in a research report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods reduced their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $119.50.
View Our Latest Report on PNFP
Pinnacle Financial Partners Trading Down 0.1 %
Shares of PNFP stock traded down $0.07 on Friday, hitting $100.28. The company had a trading volume of 401,228 shares, compared to its average volume of 502,628. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month 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 firm has a market cap of $7.76 billion, a P/E ratio of 16.77 and a beta of 0.94. The stock's 50-day moving average is $102.45 and its two-hundred day moving average is $111.99.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the firm posted $1.53 EPS. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
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 0.96%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's payout ratio is 15.53%.
Insider Buying and Selling at Pinnacle Financial Partners
In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction dated 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 completion of the sale, the director now directly owns 40,991 shares of the company's stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction dated 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 directly owns 9,943 shares in the company, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,350 shares of company stock valued at $11,421,320. Corporate insiders own 1.46% of the company's stock.
About Pinnacle Financial Partners
(
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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