Cary Street Partners Financial LLC Invests $5.66 Million in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cary Street Partners Financial LLC acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 49,444 shares of the financial services provider’s stock, valued at approximately $5,656,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $78,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 239 shares during 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 buying an additional 91 shares during the last quarter. Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners in the 4th quarter worth $97,000. Finally, Values First Advisors Inc. raised its position in shares of Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after buying an additional 955 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the sale, the director now owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 85,041 shares of company stock valued at $10,122,386. Company insiders own 1.46% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on PNFP shares. Stephens reissued an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Barclays reduced 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. Wells Fargo & Company dropped their target price on 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. Keefe, Bruyette & Woods reduced their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Finally, Hovde Group upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective for the company in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $119.50.

Pinnacle Financial Partners Stock Down 0.1 %

Shares of NASDAQ PNFP opened at $105.54 on Tuesday. The company has a market cap of $8.17 billion, a price-to-earnings ratio of 17.65 and a beta of 1.00. 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 firm’s fifty day moving average is $100.91 and its 200 day moving average is $112.10. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate 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 net margin of 15.48% and a return on equity of 9.04%. During the same period in the prior year, the firm posted $1.53 earnings per share. On average, equities 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 given a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is currently 15.53%.

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.