Picton Mahoney Asset Management Has $18.21 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Picton Mahoney Asset Management boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 190.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,187 shares of the financial services provider's stock after buying an additional 104,306 shares during the period. Picton Mahoney Asset Management owned 0.21% of Pinnacle Financial Partners worth $18,211,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $30,000. Brooklyn Investment Group bought a new position in Pinnacle Financial Partners in the 3rd quarter valued at about $70,000. UMB Bank n.a. grew its position in Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after buying an additional 239 shares in the last quarter. Principal Securities Inc. boosted 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 purchasing an additional 91 shares in the last quarter. Finally, Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at about $97,000. Institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective for the company. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research report on Thursday, January 23rd. Citigroup raised 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. Stephens restated an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of "Hold" and a consensus price target of $125.18.

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Pinnacle Financial Partners Stock Up 1.6 %

Shares of NASDAQ PNFP traded up $1.62 during mid-day trading on Wednesday, reaching $106.13. The company had a trading volume of 293,160 shares, compared to its average volume of 459,512. The stock has a fifty day moving average of $116.09 and a two-hundred day moving average of $111.67. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of 17.75 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm's revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.68 earnings per share. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio is 16.05%.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now owns 83,000 shares of the company's stock, valued at approximately $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock valued at $11,421,320 over the last three months. 1.46% of the stock is owned by corporate insiders.

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.