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

Simplicity Wealth LLC raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 27.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of PNFP. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners during the third quarter valued at $30,000. Brooklyn Investment Group bought a new position in Pinnacle Financial Partners during the third quarter valued at $70,000. UMB Bank n.a. grew its holdings in Pinnacle Financial Partners by 48.1% during the fourth 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. Principal Securities Inc. grew its holdings in Pinnacle Financial Partners by 12.7% during 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. Finally, Trust Co. of Vermont bought a new position in Pinnacle Financial Partners during the fourth quarter valued at $97,000. 87.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on PNFP shares. UBS Group started coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Wells Fargo & Company raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP opened at $106.62 on Monday. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 17.83 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a fifty day moving average of $117.88 and a 200 day moving average of $111.48. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current 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 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 business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same quarter last year, the business posted $1.68 earnings per share. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.90%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the sale, the chairman now owns 83,000 shares in the company, valued at $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the transaction, the director now owns 82,256 shares in the company, valued at approximately $10,364,256. This represents a 11.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 90,309 shares of company stock worth $10,911,334 over the last 90 days. Corporate 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.