By otakuyassine3@gmail.com 
Arizona State Retirement System boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 0.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 22,408 shares of the financial services provider’s stock after acquiring an additional 173 shares during the period. Arizona State Retirement System’s holdings in Pinnacle Financial Partners were worth $2,563,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC grew its position in Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares in the last quarter. Principal Securities Inc. grew its position 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. EverSource Wealth Advisors LLC grew its position in Pinnacle Financial Partners by 0.6% during the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after purchasing an additional 100 shares in the last quarter. First Horizon Advisors Inc. grew its position in Pinnacle Financial Partners by 3.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares in the last quarter. Finally, CIBC Asset Management Inc grew 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 purchasing an additional 129 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts recently commented on PNFP shares. Citigroup boosted 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. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Finally, Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $125.18.
Read Our Latest Report on PNFP
Insider Activity at Pinnacle Financial Partners
In related news, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 90,309 shares of company stock worth $10,911,334 in the last ninety days. 1.87% of the stock is currently owned by insiders.
Pinnacle Financial Partners Price Performance
Shares of Pinnacle Financial Partners stock opened at $99.42 on Tuesday. The firm has a fifty day simple moving average of $117.60 and a 200-day simple moving average of $111.52. 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, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of 16.63 and a beta of 1.09.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last issued its quarterly earnings data 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 net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the previous year, the company earned $1.68 earnings per share. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.
Pinnacle Financial Partners Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid 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 yield of 0.97%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 16.05%.
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.
Further Reading
Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report).
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