Tectonic Advisors LLC Purchases 9,473 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tectonic Advisors LLC boosted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 20.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 54,834 shares of the financial services provider's stock after acquiring an additional 9,473 shares during the period. Tectonic Advisors LLC owned about 0.07% of Pinnacle Financial Partners worth $6,272,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Bank of Montreal Can increased its holdings in shares of Pinnacle Financial Partners by 2.4% in the 2nd quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider's stock valued at $734,000 after acquiring an additional 215 shares during the last quarter. Creative Planning increased its stake in Pinnacle Financial Partners by 6.9% in the second quarter. Creative Planning now owns 17,096 shares of the financial services provider's stock valued at $1,368,000 after purchasing an additional 1,097 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Pinnacle Financial Partners during the second quarter worth approximately $322,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $417,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Pinnacle Financial Partners by 62.1% in the 3rd quarter. SG Americas Securities LLC now owns 7,412 shares of the financial services provider's stock valued at $726,000 after buying an additional 2,840 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $2.39 during mid-day trading on Friday, reaching $123.76. The stock had a trading volume of 315,371 shares, compared to its average volume of 508,230. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The business has a 50 day simple moving average of $119.10 and a 200 day simple moving average of $107.93. The firm has a market capitalization of $9.56 billion, a price-to-earnings ratio of 20.70 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current 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 EPS for the quarter, beating the consensus estimate 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 business had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. During the same period last year, the firm earned $1.68 EPS. The company's quarterly revenue was up 19.9% compared to the same quarter last year. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 7th. This is a boost 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 0.78%. Pinnacle Financial Partners's dividend payout ratio is 14.72%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the business's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the sale, the director now directly owns 139,489 shares in the company, valued at approximately $17,585,378.23. The trade was a 2.52 % 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, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares of the company's stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,970 shares of company stock valued at $10,862,061. Corporate insiders own 1.87% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research reports. UBS Group initiated coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective on the stock. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. decreased their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a report on Tuesday, January 7th. Wells Fargo & Company lifted 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. Finally, Truist Financial increased their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $125.18.

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.