Treasurer of the State of North Carolina Raises Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Treasurer of the State of North Carolina lifted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,321 shares of the financial services provider’s stock after purchasing an additional 210 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Pinnacle Financial Partners were worth $3,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Pinnacle Financial Partners by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock worth $823,652,000 after buying an additional 87,058 shares during the last quarter. FMR LLC lifted its position in Pinnacle Financial Partners by 10.6% during the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock valued at $343,549,000 after purchasing an additional 286,894 shares during the period. Wellington Management Group LLP boosted its holdings in Pinnacle Financial Partners by 16.5% in the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock worth $172,072,000 after purchasing an additional 213,505 shares during the last quarter. Geode Capital Management LLC grew its position in Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after purchasing an additional 8,604 shares during the period. Finally, Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 shares during the period. 87.40% of the stock is owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 10,309 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the sale, the director now owns 82,256 shares of the company’s stock, valued at $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. 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 Pinnacle Financial Partners stock in a transaction 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 transaction, the chairman now directly owns 83,000 shares of the company’s stock, 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. Over the last three months, insiders sold 95,350 shares of company stock valued at $11,421,320. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.3 %

NASDAQ PNFP opened at $94.36 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The stock’s 50 day moving average is $106.39 and its 200 day moving average is $111.89. The stock has a market cap of $7.30 billion, a PE ratio of 15.78 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same period in the previous year, the firm posted $1.53 EPS. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.02%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Analysts Set New Price Targets

PNFP has been the subject of several research analyst reports. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Wells Fargo & Company reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. cut their price target 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. Citigroup raised their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Finally, Hovde Group cut their price objective on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research note on Wednesday, April 2nd. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company 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.