Avantax Advisory Services Inc. Decreases Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Avantax Advisory Services Inc. lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,456 shares of the financial services provider’s stock after selling 340 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Pinnacle Financial Partners were worth $510,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PNFP. Principal Securities Inc. raised its stake in shares of 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 during the period. Sage Mountain Advisors LLC increased its holdings in 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 worth $4,141,000 after acquiring an additional 99 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Pinnacle Financial Partners by 3.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after buying an additional 102 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Pinnacle Financial Partners by 5.6% in 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. Finally, TBH Global Asset Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 2.6% in the fourth quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider’s stock worth $669,000 after buying an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

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 stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Ingram sold 10,309 shares of the business’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 sale, the director now directly owns 82,256 shares of the company’s stock, 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 valued at $11,421,320 over the last 90 days. Company insiders own 1.46% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research analyst reports. Citigroup increased their price objective 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. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Wells Fargo & Company boosted their price objective on 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. Finally, UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target for the company. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $105.99 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The stock has a market cap of $8.20 billion, a P/E ratio of 17.72 and a beta of 1.09. The business’s 50 day moving average price is $115.58 and its 200-day moving average price is $111.73. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the prior year, the firm posted $1.68 EPS. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. Equities research analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 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.