Pinebridge Investments L.P. Acquires 8,590 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pinebridge Investments L.P. raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 42.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,712 shares of the financial services provider's stock after acquiring an additional 8,590 shares during the quarter. Pinebridge Investments L.P.'s holdings in Pinnacle Financial Partners were worth $3,284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PNFP. Principal Securities Inc. raised its stake 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 valued at $92,000 after purchasing an additional 91 shares during the period. Sage Mountain Advisors LLC increased its position in shares of Pinnacle Financial Partners by 0.3% during the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock valued at $4,141,000 after buying an additional 99 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Pinnacle Financial Partners by 3.1% in the fourth 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 in the last quarter. Cahaba Wealth Management Inc. boosted its position in shares of Pinnacle Financial Partners by 1.7% in the fourth quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock valued at $758,000 after acquiring an additional 113 shares during the period. Finally, Legacy Financial Advisors Inc. grew its stake in Pinnacle Financial Partners by 5.3% during the fourth quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider's stock valued at $276,000 after acquiring an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Buying and Selling

In other news, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction dated 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 transaction, the director now directly owns 9,943 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the firm's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, the director now directly owns 82,256 shares in the company, valued at $10,364,256. The trade was a 11.14 % 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 ninety days. 1.46% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on PNFP. Citigroup raised their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Stephens restated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Barclays lowered 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. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $119.50.

Pinnacle Financial Partners Trading Down 0.1 %

PNFP stock opened at $100.28 on Friday. The company has a market capitalization of $7.76 billion, a PE ratio of 16.77 and a beta of 0.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The company's 50 day moving average price is $102.45 and its two-hundred day moving average price is $111.88.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping 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 company had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. During the same quarter last year, the company earned $1.53 EPS. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

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.

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