Landscape Capital Management L.L.C. Makes New $726,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Landscape Capital Management L.L.C. bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 4th quarter, Holdings Channel.com reports. The fund bought 6,344 shares of the financial services provider’s stock, valued at approximately $726,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. Norges Bank acquired a new stake in Pinnacle Financial Partners in the fourth quarter worth about $101,798,000. Raymond James Financial Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $44,737,000. Wellington Management Group LLP grew its position in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock worth $172,072,000 after buying an additional 213,505 shares during the period. Principal Financial Group Inc. raised its stake in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the last quarter. Finally, ExodusPoint Capital Management LP acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at approximately $16,162,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $87.19 on Monday. The company has a market capitalization of $6.75 billion, a P/E ratio of 14.58 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. 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’s 50 day moving average price is $112.41 and its two-hundred day moving average price is $112.51.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data 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%. The firm’s revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.68 EPS. On average, analysts expect 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 disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent research reports. Hovde Group dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research report on Wednesday, April 2nd. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens restated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Citigroup boosted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, Wells Fargo & Company increased their price target on shares of 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. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price of $123.82.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 2,000 shares of the firm’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 transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This trade represents a 49.39 % 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. 1.46% of the stock is owned by corporate insiders.

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.