6,118 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Bought by Wealthfront Advisers LLC

Wealthfront Advisers LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,118 shares of the financial services provider's stock, valued at approximately $700,000.

Several other institutional investors have also modified their holdings of PNFP. Assetmark Inc. lifted its stake in shares of Pinnacle Financial Partners by 11.9% in the 3rd quarter. Assetmark Inc. now owns 1,653 shares of the financial services provider's stock valued at $162,000 after purchasing an additional 176 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider's stock valued at $18,282,000 after purchasing an additional 28,327 shares during the last quarter. KBC Group NV lifted its stake in shares of Pinnacle Financial Partners by 16.4% during the 3rd quarter. KBC Group NV now owns 2,315 shares of the financial services provider's stock worth $227,000 after acquiring an additional 326 shares during the last quarter. OneDigital Investment Advisors LLC lifted its stake in shares of Pinnacle Financial Partners by 1.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider's stock worth $651,000 after acquiring an additional 88 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $225,000. 87.40% of the stock is owned by institutional investors.

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Insider Activity

In other news, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners 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 transaction, the director now directly owns 82,256 shares in the company, valued at approximately $10,364,256. This trade represents a 11.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $4,552,400.00. Following the transaction, the chairman now owns 83,000 shares in the company, valued at approximately $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Down 0.5 %

Shares of NASDAQ:PNFP traded down $0.50 on Thursday, reaching $105.64. The company had a trading volume of 267,100 shares, compared to its average volume of 459,823. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The firm's 50 day simple moving average is $115.91 and its 200-day simple moving average is $111.63. The firm has a market capitalization of $8.17 billion, a PE ratio of 17.66 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

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 return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the business posted $1.68 EPS. The business's revenue was up 19.9% compared to the same quarter last year. As a group, 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 was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued 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 dividend payout ratio (DPR) is currently 16.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PNFP shares. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price target for the company. Stephens reissued an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research note on Tuesday, December 31st. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company raised 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. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of "Hold" and a consensus target price 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.