Swiss National Bank Raises Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Swiss National Bank grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.7% during the fourth quarter, HoldingsChannel reports. The fund owned 151,961 shares of the financial services provider’s stock after purchasing an additional 1,100 shares during the period. Swiss National Bank’s holdings in Pinnacle Financial Partners were worth $17,383,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brooklyn Investment Group purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $70,000. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after acquiring 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 valued at $92,000 after acquiring an additional 91 shares during the last quarter. Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $97,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $137,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.7 %

Pinnacle Financial Partners stock opened at $104.51 on Wednesday. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The stock has a 50 day moving average of $116.09 and a two-hundred day moving average of $111.67. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of 17.48 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $470.33 million. During the same period last year, the firm earned $1.68 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.92%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Stephens reissued an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. 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, the stock presently has a consensus rating of “Hold” and an average target price of $125.18.

Insiders Place Their Bets

In other news, Director David B. Ingram sold 40,000 shares of the firm’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 value of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares of the company’s stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is owned by company 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.