Norges Bank Buys New Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Norges Bank acquired 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 Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 889,924 shares of the financial services provider's stock, valued at approximately $101,798,000. Norges Bank owned approximately 1.15% of Pinnacle Financial Partners as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNFP. Vanguard Group Inc. increased its position in shares of Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock valued at $823,652,000 after purchasing an additional 87,058 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock worth $130,192,000 after buying an additional 8,604 shares during the last quarter. Principal Financial Group Inc. increased its position in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock valued at $96,332,000 after purchasing an additional 208,938 shares during the period. Artemis Investment Management LLP raised its stake in Pinnacle Financial Partners by 2.6% in the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider's stock worth $55,213,000 after buying an additional 12,455 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $44,737,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

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Pinnacle Financial Partners Stock Down 5.1 %

Pinnacle Financial Partners stock traded down $4.64 during midday trading on Friday, hitting $87.19. 1,694,770 shares of the company's stock were exchanged, compared to its average volume of 486,343. The firm has a 50-day moving average of $112.41 and a two-hundred day moving average of $112.51. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 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 company has a market cap of $6.75 billion, a PE ratio of 14.58 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners's quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.68 EPS. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.10%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.05%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PNFP. Hovde Group reduced their price target on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating for the company in a research report on Wednesday. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research report on Thursday, January 23rd. UBS Group started coverage on 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. Citigroup lifted their target price 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. Finally, Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $123.82.

Insider Activity at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction 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 directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the transaction, the director now directly owns 82,256 shares of the company's stock, 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. In the last three months, insiders have sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is owned by corporate insiders.

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.