Wealthfront Advisers LLC Purchases New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wealthfront Advisers LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 6,118 shares of the financial services provider’s stock, valued at approximately $700,000.

Several other hedge funds also recently added to or reduced their stakes in PNFP. OneDigital Investment Advisors LLC grew its stake in Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after acquiring an additional 88 shares in the last quarter. Principal Securities Inc. grew its stake in 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 acquiring an additional 91 shares in the last quarter. Sage Mountain Advisors LLC grew its stake in Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock worth $4,141,000 after acquiring an additional 99 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Pinnacle Financial Partners by 0.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock worth $1,761,000 after acquiring an additional 100 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its stake in Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock worth $389,000 after acquiring an additional 102 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on PNFP shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Wells Fargo & Company increased their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Finally, UBS Group started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $125.18.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s 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 approximately $9,446,230. This represents a 32.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,350 shares of company stock valued at $11,116,670. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Up 2.8 %

NASDAQ:PNFP opened at $102.82 on Monday. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The firm has a 50 day moving average of $116.52 and a 200 day moving average of $111.60. 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 stock has a market capitalization of $7.95 billion, a price-to-earnings ratio of 17.19 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the prior year, the company posted $1.68 earnings per share. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.93%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

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.