Wellington Management Group LLP Grows Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wellington Management Group LLP increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,504,254 shares of the financial services provider’s stock after purchasing an additional 213,505 shares during the quarter. Wellington Management Group LLP owned approximately 1.94% of Pinnacle Financial Partners worth $172,072,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Principal Securities Inc. lifted its stake in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after buying an additional 91 shares in the last quarter. Sage Mountain Advisors LLC lifted its stake in 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 worth $4,141,000 after purchasing an additional 99 shares in the last quarter. First Horizon Advisors Inc. lifted its stake 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 worth $389,000 after purchasing an additional 102 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of 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 purchasing an additional 129 shares during the last quarter. Finally, TBH Global Asset Management LLC grew its position in shares of Pinnacle Financial Partners by 2.6% in the fourth quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider’s stock valued at $669,000 after purchasing an additional 149 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PNFP shares. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens reaffirmed an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $123.82.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 10,309 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the transaction, the director now owns 82,256 shares in the company, valued at $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 in the last ninety days. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.0 %

NASDAQ:PNFP opened at $106.87 on Thursday. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The stock’s fifty day moving average is $113.74 and its two-hundred day moving average is $112.49. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 17.87 and a beta of 0.94. 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 (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates 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 revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.68 EPS. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. 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.