Handelsbanken Fonder AB Boosts Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Handelsbanken Fonder AB boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 34.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,095 shares of the financial services provider's stock after buying an additional 5,200 shares during the quarter. Handelsbanken Fonder AB's holdings in Pinnacle Financial Partners were worth $2,299,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Creative Planning increased its stake in shares of Pinnacle Financial Partners by 9.4% during the 3rd quarter. Creative Planning now owns 18,710 shares of the financial services provider's stock worth $1,833,000 after purchasing an additional 1,614 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Pinnacle Financial Partners by 10.6% in the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider's stock valued at $129,000 after buying an additional 126 shares during the period. International Assets Investment Management LLC lifted its position in shares of Pinnacle Financial Partners by 9,804.4% during the 3rd quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider's stock valued at $3,542,000 after buying an additional 35,786 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Pinnacle Financial Partners by 15.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider's stock worth $1,908,000 after acquiring an additional 2,552 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in shares of Pinnacle Financial Partners by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider's stock worth $871,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

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Analysts Set New Price Targets

PNFP has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a report on Thursday, January 23rd. Stephens reaffirmed an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $125.18.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of the business's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 166,970 shares of company stock valued at $20,474,461 over the last 90 days. 1.87% of the stock is owned by insiders.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded up $1.19 on Friday, hitting $114.26. The company's stock had a trading volume of 428,383 shares, compared to its average volume of 465,607. The company has a market capitalization of $8.83 billion, a PE ratio of 19.11 and a beta of 1.09. 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 50-day simple moving average of $118.49 and a 200 day simple moving average of $110.41. 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 for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the firm posted $1.68 earnings per share. Pinnacle Financial Partners's quarterly revenue was up 19.9% on a year-over-year basis. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.84%. Pinnacle Financial Partners's payout ratio is 16.05%.

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.