HB Wealth Management LLC Raises Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

HB Wealth Management LLC lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 27.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,224 shares of the financial services provider’s stock after buying an additional 696 shares during the period. HB Wealth Management LLC’s holdings in Pinnacle Financial Partners were worth $369,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PNFP. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners during the 3rd quarter valued at $30,000. UMB Bank n.a. raised its holdings in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $49,000. Quarry LP boosted its holdings in Pinnacle Financial Partners by 3,500.0% during the second quarter. Quarry LP now owns 756 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 735 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners in the 3rd quarter worth about $70,000. Institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling

In related news, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the sale, the director now owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,661 shares of company stock valued at $9,563,127. Corporate insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $122.34 on Friday. The company has a market cap of $9.45 billion, a PE ratio of 20.46 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm’s 50-day simple moving average is $119.35 and its two-hundred day simple moving average is $104.90. 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 released its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.12%. The company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470,334.57 billion. During the same period last year, the firm earned $1.68 EPS. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.78%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 14.72%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PNFP shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Stephens restated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $125.18.

About Pinnacle Financial Partners

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.