Patten Group Inc. Purchases 1,168 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Patten Group Inc. lifted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,718 shares of the financial services provider’s stock after purchasing an additional 1,168 shares during the period. Patten Group Inc.’s holdings in Pinnacle Financial Partners were worth $2,141,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PNFP. Ashton Thomas Securities LLC bought a new position in shares of Pinnacle Financial Partners in the third quarter worth about $30,000. Brooklyn Investment Group purchased a new stake in Pinnacle Financial Partners in the 3rd quarter worth approximately $70,000. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 239 shares during the period. Principal Securities Inc. lifted its holdings in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. Finally, Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $97,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $111.68 on Tuesday. 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 company has a 50 day moving average price of $118.49 and a 200-day moving average price of $111.06. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The stock has a market capitalization of $8.64 billion, a PE ratio of 18.68 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping 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 company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the prior year, the business earned $1.68 earnings per share. Pinnacle Financial Partners’s revenue was up 19.9% on a year-over-year basis. Equities 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 company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders 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 yield of 0.86%. Pinnacle Financial Partners’s payout ratio is currently 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction 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 $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 166,970 shares of company stock valued at $20,474,461. 1.87% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PNFP shares. JPMorgan Chase & Co. reduced their target price 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. Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Finally, Citigroup increased their target price 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. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price 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.