Woodmont Investment Counsel LLC Has $6.97 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Woodmont Investment Counsel LLC raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,922 shares of the financial services provider's stock after purchasing an additional 7,651 shares during the period. Woodmont Investment Counsel LLC owned about 0.08% of Pinnacle Financial Partners worth $6,969,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PNFP. Vanguard Group Inc. grew its position in shares of Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock valued at $823,652,000 after buying an additional 87,058 shares during the last quarter. FMR LLC boosted its stake in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Geode Capital Management LLC grew its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Pinnacle Financial Partners by 20.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider's stock worth $99,443,000 after purchasing an additional 172,750 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after purchasing an additional 208,938 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Stephens reaffirmed an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Wells Fargo & Company boosted 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 research note on Thursday, January 23rd. JPMorgan Chase & Co. dropped their price target 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. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective for the company. Six investment 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 presently has an average rating of "Hold" and a consensus price target of $125.18.

Insider Buying and Selling

In other news, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction dated 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 sale, the director now owns 40,991 shares of the company's stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 in the last 90 days. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded down $2.33 during mid-day trading on Friday, hitting $105.06. The company had a trading volume of 440,889 shares, compared to its average volume of 476,165. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The firm has a market cap of $8.13 billion, a P/E ratio of 17.57 and a beta of 1.09. The business's 50-day simple moving average is $114.63 and its 200-day simple moving average is $112.07. 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 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 firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the previous year, the firm posted $1.68 EPS. The business's revenue for the quarter was up 19.9% on a year-over-year basis. As a group, analysts predict 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 announced 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 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 0.91%. Pinnacle Financial Partners's dividend payout ratio is presently 16.05%.

About Pinnacle Financial Partners

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.