Advisory Services Network LLC Buys New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Advisory Services Network LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, Holdings Channel reports. The fund purchased 3,539 shares of the financial services provider’s stock, valued at approximately $405,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Securities Inc. raised its holdings in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 91 shares during the last quarter. Sage Mountain Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock valued at $4,141,000 after buying an additional 99 shares during the period. First Horizon Advisors Inc. boosted its stake in shares of 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 buying an additional 102 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in Pinnacle Financial Partners by 3.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,352 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 126 shares during the period. Finally, CIBC Asset Management Inc raised its position 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 valued at $277,000 after acquiring an additional 129 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 10,309 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, the director now owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares in the company, valued at $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 in the last three months. 1.46% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $94.75 on Thursday. The company has a fifty day simple moving average of $105.81 and a 200-day simple moving average of $111.77. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $7.33 billion, a price-to-earnings ratio of 15.84 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data 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. The company had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same quarter in the prior year, the firm earned $1.53 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

Analysts Set New Price Targets

PNFP has been the subject of several recent research reports. Wells Fargo & Company cut their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $121.50.

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.