Proficio Capital Partners LLC Takes $3.86 Million Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Proficio Capital Partners LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 33,745 shares of the financial services provider's stock, valued at approximately $3,860,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new position in Pinnacle Financial Partners during the third quarter worth about $30,000. Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $70,000. UMB Bank n.a. grew its position in shares of Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 239 shares during the last quarter. Principal Securities Inc. grew its position in shares of Pinnacle Financial Partners by 12.7% in the fourth 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 during the last quarter. Finally, Trust Co. of Vermont acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $97,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNFP has been the topic of several research reports. Wells Fargo & Company increased their price target 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. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Citigroup upped 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 note on Tuesday, December 31st. Finally, Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $125.18.

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Insider Activity

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm's stock in a transaction 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 completion of the sale, the chairman now directly owns 83,000 shares of the company's stock, valued at approximately $9,446,230. This trade represents a 32.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David B. Ingram sold 10,309 shares of the firm's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the sale, the director now directly owns 82,256 shares of the company's stock, 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. In the last 90 days, insiders have sold 96,970 shares of company stock valued at $11,749,561. Company insiders own 1.87% of the company's stock.

Pinnacle Financial Partners Trading Up 0.5 %

NASDAQ:PNFP traded up $0.55 during trading hours on Friday, reaching $106.62. 736,957 shares of the company were exchanged, compared to its average volume of 479,674. 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 firm has a market cap of $8.25 billion, a price-to-earnings ratio of 17.83 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a 50 day simple moving average of $117.88 and a 200 day simple moving average of $111.21.

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, topping analysts' consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners's revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.68 earnings per share. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

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

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.