Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 27.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 983,282 shares of the financial services provider's stock after purchasing an additional 208,938 shares during the period. Principal Financial Group Inc. owned approximately 1.27% of Pinnacle Financial Partners worth $96,332,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Ashton Thomas Securities LLC purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $30,000. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $29,000. UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth $49,000. Finally, Brooklyn Investment Group acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth $70,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $112.24 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of 21.34 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The business's 50 day moving average is $116.05 and its two-hundred day moving average is $98.46.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The business had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter last year, the company earned $1.79 earnings per share. Research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.88 annualized dividend and a dividend yield of 0.78%. Pinnacle Financial Partners's payout ratio is 16.73%.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the business's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company's stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,661 shares of company stock valued at $9,563,127 over the last three months. 1.87% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PNFP. Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $120.00 to $135.00 in a report on Thursday. Wells Fargo & Company boosted their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 3rd. Hovde Group lowered Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Stephens raised their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $118.91.

Pinnacle Financial Partners Company 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.