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

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

A number of other hedge funds have also made changes to their positions in PNFP. FMR LLC boosted its position in shares of Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after buying an additional 282,016 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 purchasing an additional 8,604 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Pinnacle Financial Partners by 20.5% in 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 purchasing an additional 172,750 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of 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 position in shares of Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $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.

Analysts Set New Price Targets

Several equities analysts have weighed in on PNFP shares. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Stephens reaffirmed an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Finally, Wells Fargo & Company raised their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $125.18.

Insiders Place Their Bets

In other news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 over the last ninety days. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners Trading Up 3.6 %

PNFP stock opened at $109.82 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market cap of $8.50 billion, a price-to-earnings ratio of 18.36 and a beta of 1.09. The business has a fifty day simple moving average of $115.52 and a 200-day simple moving average of $111.93. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.68 earnings per share. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed 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. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s payout ratio is currently 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.