Capital Research Global Investors Buys 566,061 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Capital Research Global Investors grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 57.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,559,798 shares of the financial services provider’s stock after acquiring an additional 566,061 shares during the period. Capital Research Global Investors’ holdings in Pinnacle Financial Partners were worth $178,425,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. UMB Bank n.a. lifted its holdings in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after buying an additional 239 shares during the period. Principal Securities Inc. grew its holdings in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Trust Co. of Vermont bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $97,000. Values First Advisors Inc. raised its holdings in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after purchasing an additional 955 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Pinnacle Financial Partners by 20.6% in the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 271 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $95.11 on Monday. The business has a fifty day moving average of $104.70 and a 200 day moving average of $112.02. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $7.36 billion, a price-to-earnings ratio of 15.90 and a beta of 0.94.

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

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 15.53%.

Insider Transactions at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 over the last 90 days. 1.46% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PNFP. Barclays reduced their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective for the company in a research note on Wednesday, April 16th. Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Stephens reiterated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $119.50.

Pinnacle Financial Partners 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.