Wealthfront Advisers LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,118 shares of the financial services provider’s stock, valued at approximately $700,000.
Other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth $70,000. UMB Bank n.a. increased its holdings in Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after buying an additional 239 shares in the last quarter. Principal Securities Inc. increased its holdings in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares in the last quarter. Trust Co. of Vermont purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at $97,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in Pinnacle Financial Partners in the third quarter valued at $137,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.
Pinnacle Financial Partners Stock Performance
PNFP opened at $102.82 on Monday. The firm has a market capitalization of $7.95 billion, a PE ratio of 17.19 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The firm’s 50-day moving average price is $116.52 and its 200 day moving average price is $111.60. 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 – Get Free Report) last posted its quarterly 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. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.68 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.
Pinnacle Financial Partners Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 7th. This is a positive change 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 0.93%. Pinnacle Financial Partners’s payout ratio is presently 16.05%.
Insider Buying and Selling
In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners 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 transaction, 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 have sold 92,350 shares of company stock worth $11,116,670. 1.46% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on PNFP shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a report on Monday, November 18th. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $125.18.
Check Out Our Latest Report on Pinnacle Financial Partners
Pinnacle Financial Partners Profile
(Free Report)
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.
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