Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by TBH Global Asset Management LLC

TBH Global Asset Management LLC raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,850 shares of the financial services provider’s stock after purchasing an additional 149 shares during the quarter. TBH Global Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $669,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Angel Oak Capital Advisors LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $1,007,000. Venturi Wealth Management LLC increased its holdings in shares of Pinnacle Financial Partners by 87.9% during the fourth quarter. Venturi Wealth Management LLC now owns 5,028 shares of the financial services provider’s stock valued at $575,000 after purchasing an additional 2,352 shares during the period. CIBC Asset Management Inc raised its stake in shares of Pinnacle Financial Partners by 5.6% during the fourth 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 in the last quarter. Principal Securities Inc. lifted its holdings in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 91 shares during the period. Finally, Beacon Capital Management LLC grew its position in Pinnacle Financial Partners by 101,563.6% in the 4th quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider’s stock valued at $2,558,000 after buying an additional 22,344 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.8 %

Shares of PNFP opened at $120.91 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The stock has a market capitalization of $9.34 billion, a P/E ratio of 20.22 and a beta of 1.09. The business’s 50-day moving average price is $118.68 and its 200 day moving average price is $109.39.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results 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 the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period last year, the firm posted $1.68 earnings per share. Analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.79%. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. 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 business’s stock in a transaction on Friday, December 6th. The shares were 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 in the company, valued at $15,263,070. The trade was a 28.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the completion of 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 quarter, insiders have sold 126,970 shares of company stock worth $15,922,061. 1.87% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on PNFP. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Wells Fargo & Company boosted 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. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, UBS Group initiated 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 target on the stock. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus price target of $125.18.

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.