Forum Financial Management LP Grows Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Forum Financial Management LP lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 19.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,660 shares of the financial services provider’s stock after buying an additional 433 shares during the quarter. Forum Financial Management LP’s holdings in Pinnacle Financial Partners were worth $304,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PNFP. Norges Bank acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $101,798,000. Raymond James Financial Inc. purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $44,737,000. FMR LLC raised its stake in shares of Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock valued at $343,549,000 after acquiring an additional 286,894 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock valued at $172,072,000 after purchasing an additional 213,505 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Pinnacle Financial Partners by 27.0% during 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 in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent research reports. Wells Fargo & Company decreased their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Hovde Group upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price for the company in a research note on Wednesday, April 16th. Barclays cut their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $119.50.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $93.68 on Tuesday. The company’s 50 day simple moving average is $104.19 and its 200-day simple moving average is $112.00. 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 $7.25 billion, a PE ratio of 15.67 and a beta of 0.94. 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) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million during the quarter, compared to analysts’ expectations of $478.11 million. During the same period in the prior year, the company earned $1.53 earnings per share. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 15.53%.

Insider Transactions at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 83,000 shares of the company’s stock, valued at $9,446,230. This trade represents a 32.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the company’s 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 $10,364,256. This represents a 11.14 % 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 over the last 90 days. 1.46% of the stock is currently owned by insiders.

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.