Proficio Capital Partners LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 33,745 shares of the financial services provider's stock, valued at approximately $3,860,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC raised its position in Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock worth $130,192,000 after acquiring an additional 8,604 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Pinnacle Financial Partners by 20.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider's stock worth $99,443,000 after acquiring an additional 172,750 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after acquiring an additional 208,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock worth $90,141,000 after acquiring an additional 9,856 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Pinnacle Financial Partners
In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the sale, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Ingram sold 10,309 shares of the business's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the sale, the director now owns 82,256 shares in the company, valued at approximately $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock worth $11,421,320 over the last three months. 1.46% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Stephens reaffirmed an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, UBS Group started coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price target on the stock. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of "Hold" and a consensus target price of $125.18.
Get Our Latest Research Report on PNFP
Pinnacle Financial Partners Stock Performance
Shares of PNFP stock traded up $0.46 during midday trading on Friday, hitting $105.99. The company had a trading volume of 1,077,369 shares, compared to its average volume of 463,020. The company's 50 day simple moving average is $115.71 and its 200 day simple moving average is $111.59. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 17.72 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.
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 for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period in the previous year, the business earned $1.68 earnings per share. The company's revenue for the quarter was up 19.9% compared to the same quarter last year. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.
Pinnacle Financial Partners Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a $0.24 dividend. The ex-dividend date was Friday, February 7th. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Pinnacle Financial Partners's payout ratio is 16.05%.
About Pinnacle Financial Partners
(
Free Report)
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.
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