Vanguard Group Inc. Grows Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Vanguard Group Inc. boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,200,386 shares of the financial services provider's stock after buying an additional 87,058 shares during the period. Vanguard Group Inc. owned 9.32% of Pinnacle Financial Partners worth $823,652,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Securities Inc. raised its position in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Sage Mountain Advisors LLC raised its holdings in Pinnacle Financial Partners by 0.3% in the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock worth $4,141,000 after purchasing an additional 99 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Pinnacle Financial Partners by 3.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider's stock valued at $389,000 after buying an additional 102 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Pinnacle Financial Partners by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock valued at $277,000 after buying an additional 129 shares in the last quarter. Finally, TBH Global Asset Management LLC grew its position in shares of Pinnacle Financial Partners by 2.6% in the 4th quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider's stock worth $669,000 after buying an additional 149 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $15.04 during trading on Thursday, hitting $91.83. 1,033,610 shares of the company's stock traded hands, compared to its average volume of 479,993. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The business has a 50-day simple moving average of $113.13 and a 200-day simple moving average of $112.35. The stock has a market capitalization of $7.10 billion, a P/E ratio of 15.36 and a beta of 0.94. 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 announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) 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 firm had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same quarter last year, the firm posted $1.68 EPS. The business's quarterly revenue was up 19.9% compared to the same quarter last year. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Friday, February 7th. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David B. Ingram sold 10,309 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the transaction, the director now directly owns 82,256 shares in the company, valued at approximately $10,364,256. The trade was a 11.14 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,350 shares of company stock worth $11,421,320. Insiders own 1.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. 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 research note on Tuesday, January 7th. UBS Group started coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research note on Thursday, January 23rd. Finally, Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their target price for the stock 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 given a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of "Hold" and a consensus price target of $123.82.

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.