Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 24.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,385 shares of the financial services provider's stock after purchasing an additional 4,021 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Pinnacle Financial Partners were worth $2,332,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the stock. OneDigital Investment Advisors LLC lifted its holdings in Pinnacle Financial Partners by 1.3% in the third 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. Principal Securities Inc. lifted its holdings in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after acquiring an additional 91 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider's stock worth $1,761,000 after acquiring an additional 100 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in Pinnacle Financial Partners by 3.1% in 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 last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Pinnacle Financial Partners by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock worth $277,000 after acquiring an additional 129 shares during the last quarter. Institutional investors own 87.40% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have issued reports on PNFP shares. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 target price on the stock. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Barclays raised Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. JPMorgan Chase & Co. cut their price target 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. Finally, Stephens reaffirmed an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $125.18.
Check Out Our Latest Report on PNFP
Pinnacle Financial Partners Stock Down 0.5 %
Shares of Pinnacle Financial Partners stock traded down $0.50 on Thursday, hitting $105.64. 267,100 shares of the company traded hands, compared to its average volume of 459,823. The company has a 50-day moving average price of $115.91 and a 200 day moving average price of $111.63. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a market cap of $8.17 billion, a PE ratio of 17.66 and a beta of 1.09.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted 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. The business had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners's revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.68 EPS. Sell-side analysts predict 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 was paid on Friday, February 28th. Investors 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 yield of 0.91%. Pinnacle Financial Partners's dividend payout ratio is currently 16.05%.
Insider Buying and Selling
In related news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value 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. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction on Friday, March 14th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,350 shares of company stock worth $11,421,320. Corporate insiders own 1.46% of the company's stock.
About Pinnacle Financial Partners
(
Free Report)
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.
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