Simplicity Wealth LLC Increases Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Simplicity Wealth LLC boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 27.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,669 shares of the financial services provider’s stock after purchasing an additional 1,884 shares during the period. Simplicity Wealth LLC’s holdings in Pinnacle Financial Partners were worth $992,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. OneDigital Investment Advisors LLC increased its holdings in Pinnacle Financial Partners by 1.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares during the period. Principal Securities Inc. increased its holdings 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. EverSource Wealth Advisors LLC increased its holdings in Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after purchasing an additional 100 shares during the period. First Horizon Advisors Inc. increased its holdings in Pinnacle Financial Partners by 3.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in Pinnacle Financial Partners by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 129 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

PNFP has been the topic of several research reports. 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. Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. 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 on the stock. Finally, Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $106.62 on Monday. 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 business’s 50 day moving average price is $117.88 and its 200-day moving average price is $111.48. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The stock has a market cap of $8.25 billion, a P/E ratio of 17.83 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the previous year, the firm posted $1.68 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. 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 0.90%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, the chairman now directly owns 83,000 shares in the company, valued at $9,446,230. The trade was a 32.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David B. Ingram sold 10,309 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the transaction, the director now owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 90,309 shares of company stock worth $10,911,334 in the last three months. Insiders own 1.87% of the company’s stock.

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.