Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) is 12th Street Asset Management Company LLC's 3rd Largest Position

12th Street Asset Management Company LLC boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 303,244 shares of the financial services provider's stock after purchasing an additional 50,573 shares during the period. Pinnacle Financial Partners makes up approximately 5.7% of 12th Street Asset Management Company LLC's holdings, making the stock its 3rd largest position. 12th Street Asset Management Company LLC owned about 0.39% of Pinnacle Financial Partners worth $34,688,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners in the 3rd quarter worth approximately $30,000. Brooklyn Investment Group bought a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $70,000. UMB Bank n.a. grew its position in shares of 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 acquiring an additional 239 shares during the period. Principal Securities Inc. grew its position 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 acquiring an additional 91 shares during the period. Finally, Trust Co. of Vermont bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $97,000. Institutional investors own 87.40% of the company's stock.

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Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $0.72 during mid-day trading on Tuesday, hitting $104.51. 394,243 shares of the company's stock traded hands, compared to its average volume of 459,907. The company's 50-day moving average is $116.29 and its two-hundred day moving average is $111.64. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $8.09 billion, a P/E ratio of 17.48 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business's revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.68 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS 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 represents a $0.96 annualized dividend and a dividend yield of 0.92%. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio is currently 16.05%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, 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 value of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the transaction, the director now owns 82,256 shares in the company, valued at approximately $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,350 shares of company stock worth $11,421,320. Insiders own 1.46% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PNFP. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Finally, Barclays upgraded shares of 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 note on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of "Hold" and an average target price of $125.18.

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.