Tectonic Advisors LLC Grows Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Tectonic Advisors LLC grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 20.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,834 shares of the financial services provider’s stock after acquiring an additional 9,473 shares during the period. Tectonic Advisors LLC owned about 0.07% of Pinnacle Financial Partners worth $6,272,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. OneDigital Investment Advisors LLC raised its stake in Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after purchasing an additional 88 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Pinnacle Financial Partners by 0.6% in 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 last quarter. Blue Trust Inc. boosted its holdings in 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 valued at $129,000 after purchasing an additional 126 shares during the last quarter. Strategic Blueprint LLC lifted its holdings in Pinnacle Financial Partners by 3.4% in the third quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock valued at $394,000 after acquiring an additional 133 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after acquiring an additional 141 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNFP has been the subject of several recent analyst reports. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Citigroup raised their price target 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 raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Barclays upgraded 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 research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. lowered their price target on 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. Six investment 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.com, the stock currently has an average rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Stock Up 1.5 %

PNFP opened at $123.72 on Wednesday. The business’s 50-day simple moving average is $119.22 and its 200-day simple moving average is $107.39. 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, Inc. has a one year low of $73.62 and a one year high of $131.91. The stock has a market capitalization of $9.56 billion, a P/E ratio of 20.69 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm 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 revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.68 EPS. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is 14.72%.

Insider Activity at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. The trade was a 28.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 86,970 shares of company stock worth $10,862,061 in the last quarter. 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.