Raymond James Financial Inc. Acquires Shares of 391,104 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Raymond James Financial Inc. acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 391,104 shares of the financial services provider’s stock, valued at approximately $44,737,000.

A number of other large investors have also added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC increased 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 worth $651,000 after purchasing an additional 88 shares in the last quarter. Principal Securities Inc. increased 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 worth $92,000 after purchasing an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of 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 worth $1,761,000 after purchasing an additional 100 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of 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 worth $389,000 after purchasing an additional 102 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Pinnacle Financial Partners by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 90,309 shares of company stock worth $10,911,334. Corporate insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on PNFP shares. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a report on Monday, November 18th. Citigroup lifted 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, Stephens reaffirmed an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $99.58 on Wednesday. The company has a market capitalization of $7.70 billion, a PE ratio of 16.65 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The business’s fifty day moving average is $117.30 and its 200 day moving average is $111.53. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two 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 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.68 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

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