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

First Horizon Advisors Inc. lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,399 shares of the financial services provider’s stock after purchasing 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.

Other institutional investors and hedge funds have also made changes to their positions in the company. Creative Planning boosted its position in shares of Pinnacle Financial Partners by 9.4% in the 3rd quarter. Creative Planning now owns 18,710 shares of the financial services provider’s stock worth $1,833,000 after buying an additional 1,614 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Pinnacle Financial Partners by 10.6% in 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 in the last quarter. International Assets Investment Management LLC boosted its position in shares of Pinnacle Financial Partners by 9,804.4% in the 3rd quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider’s stock worth $3,542,000 after buying an additional 35,786 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Pinnacle Financial Partners by 15.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider’s stock worth $1,908,000 after buying an additional 2,552 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of Pinnacle Financial Partners by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider’s stock worth $871,000 after buying an additional 600 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on PNFP shares. UBS Group started 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 on the stock. Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Citigroup upped their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Finally, Wells Fargo & Company upped their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $125.18.

Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 3,610 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the sale, the director now owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 126,970 shares of company stock worth $15,922,061 in the last three months. Company insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Trading Down 1.0 %

Shares of PNFP stock opened at $113.02 on Tuesday. The firm has a market cap of $8.73 billion, a P/E 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 company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s 50-day simple moving average is $118.49 and its 200-day simple moving average is $110.19.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company’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 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed 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 is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 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.