Pictet Asset Management Holding SA Acquires 1,043 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pictet Asset Management Holding SA boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,510 shares of the financial services provider’s stock after acquiring an additional 1,043 shares during the period. Pictet Asset Management Holding SA’s holdings in Pinnacle Financial Partners were worth $1,317,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PNFP. Norges Bank bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $101,798,000. Raymond James Financial Inc. bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at $44,737,000. Principal Financial Group Inc. lifted its position in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares during the last quarter. Picton Mahoney Asset Management grew its stake in shares of Pinnacle Financial Partners by 190.1% during the 4th quarter. Picton Mahoney Asset Management now owns 159,187 shares of the financial services provider’s stock worth $18,211,000 after acquiring an additional 104,306 shares during the period. Finally, Barclays PLC increased its holdings in Pinnacle Financial Partners by 117.0% in the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider’s stock worth $16,442,000 after acquiring an additional 90,478 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $87.19 on Friday. The stock has a market cap of $6.75 billion, a P/E ratio of 14.58 and a beta of 0.94. 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 business’s 50-day moving average price is $112.41 and its two-hundred day moving average price is $112.41. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share 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 business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the firm posted $1.68 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 1.10%. Pinnacle Financial Partners’s payout ratio is 16.05%.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of research reports. Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Hovde Group reduced their price objective on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research note on Wednesday. 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. 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. Finally, Citigroup raised their target price 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. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $123.82.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the business’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 transaction of $5,060,000.00. Following the completion of the sale, the director now 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. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 over the last 90 days. 1.46% of the stock is owned by insiders.

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.