Handelsbanken Fonder AB Grows Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Handelsbanken Fonder AB lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 20,095 shares of the financial services provider’s stock after buying an additional 5,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Pinnacle Financial Partners were worth $2,299,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PNFP. TBH Global Asset Management LLC increased its stake in Pinnacle Financial Partners by 2.6% during the fourth quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider’s stock worth $669,000 after purchasing an additional 149 shares during the period. Angel Oak Capital Advisors LLC purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $1,007,000. Venturi Wealth Management LLC grew its holdings in shares of Pinnacle Financial Partners by 87.9% in 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 in the last quarter. CIBC Asset Management Inc increased its stake in Pinnacle Financial Partners by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock worth $277,000 after buying an additional 129 shares during the period. Finally, Principal Securities Inc. increased its stake in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after buying an additional 91 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PNFP shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research note on Monday, November 18th. Finally, Citigroup raised 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. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $113.02 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The firm’s 50 day moving average is $118.49 and its two-hundred day moving average is $110.19. The firm has a market capitalization of $8.73 billion, a P/E ratio of 18.90 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the firm posted $1.68 EPS. The company’s revenue was up 19.9% on a year-over-year basis. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders 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. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.85%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 126,970 shares of company stock worth $15,922,061. 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.