Venturi Wealth Management LLC Boosts Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Venturi Wealth Management LLC grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 87.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,028 shares of the financial services provider's stock after purchasing an additional 2,352 shares during the period. Venturi Wealth Management LLC's holdings in Pinnacle Financial Partners were worth $575,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Azora Capital LP bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $64,326,000. FMR LLC increased its holdings in Pinnacle Financial Partners by 11.6% during 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 during the period. Holocene Advisors LP purchased a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $21,576,000. Principal Financial Group Inc. increased its holdings in 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 valued at $96,332,000 after purchasing an additional 208,938 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Pinnacle Financial Partners by 212.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider's stock valued at $28,580,000 after purchasing an additional 198,246 shares during the period. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Down 3.4 %

Shares of NASDAQ:PNFP traded down $4.07 during trading hours on Friday, hitting $114.21. 304,709 shares of the company's stock traded hands, compared to its average volume of 431,933. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The business has a fifty day moving average price of $118.68 and a 200-day moving average price of $109.45. The firm has a market capitalization of $8.82 billion, a P/E ratio of 19.10 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 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. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners's quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.68 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be paid a $0.24 dividend. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.84%. Pinnacle Financial Partners's payout ratio is 16.05%.

Insider Buying and Selling

In related news, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company's stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 126,970 shares of company stock valued at $15,922,061 over the last 90 days. Corporate insiders own 1.87% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Stephens reissued an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price on the stock. in a report on Monday, November 18th. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 23rd. Finally, Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $125.18.

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.