Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 7,200,386 shares of the financial services provider’s stock after acquiring an additional 87,058 shares during the period. Vanguard Group Inc. owned about 0.09% of Pinnacle Financial Partners worth $823,652,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cerity Partners LLC grew its holdings in shares of Pinnacle Financial Partners by 24.5% in the 3rd quarter. Cerity Partners LLC now owns 36,261 shares of the financial services provider’s stock worth $3,552,000 after acquiring an additional 7,130 shares during the period. FMR LLC raised its holdings in Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Pinnacle Financial Partners by 689.2% during the third quarter. BNP Paribas Financial Markets now owns 21,932 shares of the financial services provider’s stock worth $2,149,000 after purchasing an additional 19,153 shares in the last quarter. Townsquare Capital LLC grew its holdings in Pinnacle Financial Partners by 6.6% in the third quarter. Townsquare Capital LLC now owns 9,350 shares of the financial services provider’s stock valued at $916,000 after purchasing an additional 581 shares during the last quarter. Finally, Glenmede Trust Co. NA purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at $215,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

PNFP opened at $105.06 on Friday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year 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 simple moving average is $114.63 and its 200 day simple moving average is $112.21. The stock has a market capitalization of $8.13 billion, a PE ratio of 17.57 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced 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. The company had revenue of $475.34 million during 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 business’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.68 EPS. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were paid 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 annualized dividend and a yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the transaction, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the sale, the director now owns 9,943 shares of the company’s stock, valued at approximately $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 worth $11,421,320 in the last three months. 1.46% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PNFP has been the topic of several recent research reports. Citigroup boosted their price objective on shares of 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 report on Tuesday, January 7th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $125.18.

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.