TBH Global Asset Management LLC Acquires 149 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

TBH Global Asset Management LLC lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,850 shares of the financial services provider’s stock after purchasing an additional 149 shares during the quarter. TBH Global Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $669,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. OneDigital Investment Advisors LLC lifted its position in shares of Pinnacle Financial Partners by 1.3% in the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after buying an additional 88 shares during the last quarter. Principal Securities Inc. raised its position 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 purchasing an additional 91 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Pinnacle Financial Partners by 0.6% in the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after buying an additional 100 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Pinnacle Financial Partners by 10.6% during the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after buying an additional 126 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Pinnacle Financial Partners by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 129 shares during the period. Institutional investors own 87.40% of the company’s stock.

Insider Activity

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction dated Monday, December 9th. The shares were 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 directly owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 126,970 shares of company stock worth $15,922,061. 1.87% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PNFP has been the subject of several research analyst reports. Wells Fargo & Company boosted their price objective on 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. Stephens reaffirmed an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Citigroup increased 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. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $120.91 on Thursday. The firm has a market capitalization of $9.34 billion, a P/E ratio of 20.22 and a beta of 1.09. The stock has a fifty day moving average price of $118.68 and a two-hundred day moving average price of $109.39. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results 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 firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period last year, the firm posted $1.68 EPS. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.79%. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

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.