NBZ Investment Advisors LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,842 shares of the financial services provider's stock, valued at approximately $668,000. Pinnacle Financial Partners accounts for approximately 0.4% of NBZ Investment Advisors LLC's investment portfolio, making the stock its 27th largest holding.
Other institutional investors also recently added to or reduced their stakes in the company. Principal Securities Inc. boosted its holdings in 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 acquiring an additional 91 shares during the last quarter. Sage Mountain Advisors LLC lifted its stake 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. grew its position in shares of 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. CIBC Asset Management Inc increased its stake in shares of Pinnacle Financial Partners by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock valued at $277,000 after acquiring an additional 129 shares during the last quarter. Finally, TBH Global Asset Management LLC raised its position in shares of Pinnacle Financial Partners by 2.6% in the 4th quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider's stock valued at $669,000 after acquiring an additional 149 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of analysts recently commented on PNFP shares. UBS Group began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective for the company. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Thursday, January 23rd. JPMorgan Chase & Co. decreased 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 report on Tuesday, January 7th. 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. Finally, Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $125.18.
Read Our Latest Stock Analysis on PNFP
Pinnacle Financial Partners Stock Performance
Shares of NASDAQ PNFP traded down $1.19 during mid-day trading on Tuesday, reaching $104.85. 276,956 shares of the company were exchanged, compared to its average volume of 475,381. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The stock has a market capitalization of $8.11 billion, a P/E ratio of 17.53 and a beta of 1.09. The company's 50-day simple moving average is $114.35 and its 200-day simple moving average is $112.46. 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 (NASDAQ:PNFP - Get Free Report) last issued 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 firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same period in the prior year, the firm posted $1.68 EPS. The company's revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.
Pinnacle Financial Partners Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.92%. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is currently 16.05%.
Insiders Place Their Bets
In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares of the company's stock, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. 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 in the last quarter. Corporate insiders own 1.46% of the company's stock.
Pinnacle Financial Partners Profile
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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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