UMB Bank n.a. boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 48.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 736 shares of the financial services provider’s stock after buying an additional 239 shares during the quarter. UMB Bank n.a.’s holdings in Pinnacle Financial Partners were worth $84,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. FMR LLC raised its position in shares of Pinnacle Financial Partners by 11.6% during the 3rd 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. Geode Capital Management LLC lifted its position in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after acquiring an additional 8,604 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Pinnacle Financial Partners by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after acquiring an additional 172,750 shares during the last quarter. Principal Financial Group Inc. increased its position in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after purchasing an additional 9,856 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.
Insider Activity at Pinnacle Financial Partners
In other news, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of the sale, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares in the company, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Get Our Latest Research Report on Pinnacle Financial Partners
Pinnacle Financial Partners Trading Up 0.2 %
Shares of PNFP stock opened at $122.34 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The firm’s 50 day moving average price is $119.35 and its two-hundred day moving average price is $104.90. The stock has a market cap of $9.45 billion, a price-to-earnings ratio of 20.46 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last announced 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. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.12%. The firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470,334.57 billion. During the same period in the prior year, the company earned $1.68 EPS. The firm’s revenue was up 19.9% on a year-over-year basis. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.56 EPS for the current year.
Pinnacle Financial Partners Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 14.72%.
Pinnacle Financial Partners Company 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.
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