Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Corient Private Wealth LLC

Corient Private Wealth LLC lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.8% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,973 shares of the financial services provider’s stock after purchasing an additional 1,695 shares during the quarter. Corient Private Wealth LLC’s holdings in Pinnacle Financial Partners were worth $1,598,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. one8zero8 LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $236,000. Natixis Advisors LLC boosted its holdings in Pinnacle Financial Partners by 2.1% in the fourth quarter. Natixis Advisors LLC now owns 133,016 shares of the financial services provider’s stock valued at $15,216,000 after purchasing an additional 2,730 shares during the period. Picton Mahoney Asset Management grew its stake in Pinnacle Financial Partners by 190.1% during the 4th quarter. Picton Mahoney Asset Management now owns 159,187 shares of the financial services provider’s stock worth $18,211,000 after purchasing an additional 104,306 shares in the last quarter. 12th Street Asset Management Company LLC raised its position in Pinnacle Financial Partners by 20.0% in the 4th quarter. 12th Street Asset Management Company LLC now owns 303,244 shares of the financial services provider’s stock valued at $34,688,000 after purchasing an additional 50,573 shares in the last quarter. Finally, Swiss National Bank raised its position in Pinnacle Financial Partners by 0.7% in the 4th quarter. Swiss National Bank now owns 151,961 shares of the financial services provider’s stock valued at $17,383,000 after purchasing an additional 1,100 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 3.6 %

NASDAQ:PNFP opened at $109.82 on Tuesday. The company has a market capitalization of $8.50 billion, a PE ratio of 18.36 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock’s 50 day moving average price is $115.52 and its 200 day moving average price is $111.93. 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 announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates 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 company’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.68 EPS. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.87%. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Insider Buying and Selling

In other news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the sale, the chairman now owns 83,000 shares of the company’s stock, valued at $9,446,230. The trade was a 32.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now directly owns 9,943 shares of the company’s stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 over the last quarter. 1.46% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PNFP shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Citigroup increased 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. Stephens reiterated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Finally, Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $125.18.

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.