Wellington Management Group LLP Grows Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wellington Management Group LLP grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 16.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,504,254 shares of the financial services provider's stock after purchasing an additional 213,505 shares during the period. Wellington Management Group LLP owned approximately 1.94% of Pinnacle Financial Partners worth $172,072,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Principal Securities Inc. grew its position in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after buying an additional 91 shares during the last quarter. Sage Mountain Advisors LLC boosted its holdings in shares of 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 valued at $4,141,000 after acquiring an additional 99 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of 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 worth $389,000 after acquiring an additional 102 shares during the period. CIBC Asset Management Inc raised its holdings in Pinnacle Financial Partners by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock worth $277,000 after purchasing an additional 129 shares in the last quarter. Finally, TBH Global Asset Management LLC raised its holdings in Pinnacle Financial Partners by 2.6% during the fourth quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider's stock worth $669,000 after purchasing an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

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Insider Activity

In other news, Director David B. Ingram sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares of the company's stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 over the last three months. 1.46% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on PNFP shares. Hovde Group dropped their target price on Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 2nd. 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. Citigroup increased their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Stephens restated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, Barclays upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $123.82.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded up $0.27 during trading hours on Monday, reaching $87.46. The company's stock had a trading volume of 983,191 shares, compared to its average volume of 488,323. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $6.77 billion, a PE ratio of 14.63 and a beta of 0.94. The company's 50-day moving average is $111.66 and its two-hundred day moving average is $112.42. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released 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 net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same period in the prior year, the business earned $1.68 earnings per share. The company's quarterly revenue was up 19.9% on a year-over-year basis. 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 declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 1.10%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 16.05%.

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.