Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by First Horizon Advisors Inc.

First Horizon Advisors Inc. raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,399 shares of the financial services provider’s stock after acquiring an additional 102 shares during the quarter. First Horizon Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $389,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PNFP. Azora Capital LP acquired a new stake in Pinnacle Financial Partners in the third quarter valued at approximately $64,326,000. FMR LLC grew its position in shares of Pinnacle Financial Partners by 11.6% during the third 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. Holocene Advisors LP acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth approximately $21,576,000. Principal Financial Group Inc. grew its position in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Pinnacle Financial Partners by 212.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock worth $28,580,000 after buying an additional 198,246 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PNFP. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. JPMorgan Chase & Co. decreased their price target on shares of 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. UBS Group began coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Wells Fargo & Company raised their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Finally, Stephens restated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. 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.com, the stock currently has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $113.02 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of 18.90 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 stock’s fifty day moving average is $118.49 and its two-hundred day moving average is $110.19.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 19.9% compared to the same quarter last year. During the same period last year, the business posted $1.68 earnings per share. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.85%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Insider Activity

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 20,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 126,970 shares of company stock valued at $15,922,061. Company insiders own 1.87% of the company’s stock.

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.