Raymond James Financial Inc. Takes $44.74 Million Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Raymond James Financial Inc. acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 391,104 shares of the financial services provider’s stock, valued at approximately $44,737,000. Raymond James Financial Inc. owned about 0.51% of Pinnacle Financial Partners at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. OneDigital Investment Advisors LLC grew its position in Pinnacle Financial Partners by 1.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after acquiring an additional 88 shares during the last quarter. Principal Securities Inc. grew its position 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 acquiring an additional 91 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after acquiring an additional 100 shares during the last quarter. First Horizon Advisors Inc. grew its position in Pinnacle Financial Partners by 3.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock worth $389,000 after acquiring an additional 102 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position 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 acquiring an additional 129 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Stephens restated an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Wells Fargo & Company increased their price objective 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup increased their price objective 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 upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $125.18.

Insider Activity

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The stock was 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 owns 40,991 shares in the company, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 90,309 shares of company stock worth $10,911,334 in the last quarter. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Trading Up 0.2 %

PNFP opened at $99.58 on Wednesday. The stock has a market cap of $7.70 billion, a PE ratio of 16.65 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average of $117.30 and a 200-day moving average of $111.53. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released 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. The company had revenue of $475.34 million during 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.68 EPS. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was 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 presently 16.05%.

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.