Tower Research Capital LLC TRC Purchases 7,761 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tower Research Capital LLC TRC raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 148.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,975 shares of the financial services provider's stock after buying an additional 7,761 shares during the period. Tower Research Capital LLC TRC's holdings in Pinnacle Financial Partners were worth $1,484,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PNFP. MetLife Investment Management LLC lifted its stake in Pinnacle Financial Partners by 9.1% in the fourth quarter. MetLife Investment Management LLC now owns 43,129 shares of the financial services provider's stock worth $4,934,000 after acquiring an additional 3,592 shares during the period. Capital Research Global Investors lifted its position in shares of Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after purchasing an additional 566,061 shares during the period. Forum Financial Management LP boosted its stake in shares of Pinnacle Financial Partners by 19.4% during the 4th quarter. Forum Financial Management LP now owns 2,660 shares of the financial services provider's stock valued at $304,000 after purchasing an additional 433 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Pinnacle Financial Partners by 2.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 66,613 shares of the financial services provider's stock valued at $7,614,000 after buying an additional 1,531 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in Pinnacle Financial Partners in the fourth quarter worth about $4,484,000. Institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research analyst reports. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a report on Wednesday, April 16th. Stephens reissued an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $119.50.

Insider Transactions at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 2,000 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were 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 of the company's stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now owns 40,991 shares of the company's stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 in the last three months. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $0.07 on Friday, hitting $100.28. The stock had a trading volume of 401,228 shares, compared to its average volume of 502,628. The business's 50-day simple moving average is $102.45 and its two-hundred day simple moving average is $111.99. The stock has a market cap of $7.76 billion, a price-to-earnings ratio of 16.77 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. 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 posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (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 the consensus estimate of $478.11 million. During the same quarter last year, the firm posted $1.53 earnings per share. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's payout ratio is 15.53%.

About Pinnacle Financial Partners

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.