Advisors Capital Management LLC Has $3.26 Million Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Advisors Capital Management LLC lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,468 shares of the financial services provider’s stock after selling 164 shares during the quarter. Advisors Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $3,257,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Seeds Investor LLC acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at about $222,000. Sagespring Wealth Partners LLC acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $2,161,000. Next Century Growth Investors LLC bought a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $9,461,000. Treasurer of the State of North Carolina increased its holdings in Pinnacle Financial Partners by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 33,321 shares of the financial services provider’s stock valued at $3,812,000 after purchasing an additional 210 shares in the last quarter. Finally, Legacy Financial Advisors Inc. raised its position in Pinnacle Financial Partners by 5.3% in the 4th quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 122 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $92.20 on Tuesday. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. 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 company has a market cap of $7.13 billion, a P/E ratio of 15.42 and a beta of 0.94. The business’s fifty day moving average is $107.03 and its 200-day moving average is $112.01.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period last year, the business earned $1.53 EPS. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid 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 of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 1.04%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was 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 of the company’s stock, valued at $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PNFP shares. UBS Group assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Stephens reissued an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Barclays decreased their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.70.

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.