Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Picton Mahoney Asset Management

Picton Mahoney Asset Management boosted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 190.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 159,187 shares of the financial services provider’s stock after acquiring an additional 104,306 shares during the period. Picton Mahoney Asset Management’s holdings in Pinnacle Financial Partners were worth $18,211,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. OneDigital Investment Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after buying an additional 88 shares during the period. Principal Securities Inc. boosted its holdings in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the period. Sage Mountain Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock valued at $4,141,000 after buying an additional 99 shares during the period. EverSource Wealth Advisors LLC lifted its position 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. Finally, First Horizon Advisors Inc. lifted its position in Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on PNFP shares. Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Up 2.8 %

PNFP stock opened at $102.82 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average is $116.52 and its two-hundred day moving average is $111.41. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 17.19 and a beta of 1.09.

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, topping 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 business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period in the previous year, the firm earned $1.68 EPS. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. The trade was a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chairman now owns 83,000 shares in the company, valued at $9,446,230. The trade was a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 92,350 shares of company stock worth $11,116,670 in the last ninety days. 1.46% of the stock is currently owned by corporate insiders.

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.