Venturi Wealth Management LLC Boosts Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Venturi Wealth Management LLC grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 87.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,028 shares of the financial services provider’s stock after buying an additional 2,352 shares during the period. Venturi Wealth Management LLC’s holdings in Pinnacle Financial Partners were worth $575,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PNFP. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $30,000. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $49,000. Brooklyn Investment Group purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $70,000. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 239 shares during the period. Finally, Principal Securities Inc. raised its stake in Pinnacle Financial Partners by 12.7% during the 4th 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. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. UBS Group assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Down 0.8 %

Shares of PNFP opened at $120.91 on Thursday. The stock has a market capitalization of $9.34 billion, a price-to-earnings ratio of 20.22 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The business’s 50 day simple moving average is $118.68 and its 200-day simple moving average is $109.39. 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 released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the prior year, the firm posted $1.68 EPS. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

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

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $6,204,500.00. Following the completion of the transaction, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 126,970 shares of company stock worth $15,922,061. Company insiders own 1.87% of the company’s stock.

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.