Zurcher Kantonalbank Zurich Cantonalbank Acquires 4,021 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 24.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,385 shares of the financial services provider’s stock after acquiring an additional 4,021 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pinnacle Financial Partners were worth $2,332,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. boosted its position in shares of Pinnacle Financial Partners by 17.9% in the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after acquiring an additional 28,327 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Pinnacle Financial Partners during the third quarter worth about $3,606,000. KBC Group NV lifted its position in Pinnacle Financial Partners by 1,054.3% during the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after purchasing an additional 24,407 shares during the period. Artemis Investment Management LLP lifted its position in Pinnacle Financial Partners by 2.6% during the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock worth $55,213,000 after purchasing an additional 12,455 shares during the period. Finally, Geode Capital Management LLC lifted its position in Pinnacle Financial Partners by 0.7% during the third 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. Institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut 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. Citigroup upped their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $102.82 on Monday. The business has a 50 day moving average of $116.52 and a 200-day moving average of $111.60. 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 company has a market capitalization of $7.95 billion, a P/E ratio of 17.19 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same quarter in the prior year, the firm posted $1.68 earnings per share. The firm’s revenue was up 19.9% compared to the same quarter last year. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.93%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insider Activity

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction 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 approximately $25,615,567.76. This represents a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 92,350 shares of company stock valued at $11,116,670 over the last quarter. 1.46% of the stock is owned by company insiders.

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.