Northwest & Ethical Investments L.P. Boosts Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Northwest & Ethical Investments L.P. raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 180.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,925 shares of the financial services provider’s stock after acquiring an additional 2,525 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Pinnacle Financial Partners were worth $448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of PNFP. CIBC Asset Management Inc purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $225,000. Thrivent Financial for Lutherans raised its holdings in shares of Pinnacle Financial Partners by 1.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 39,672 shares of the financial services provider’s stock worth $3,886,000 after acquiring an additional 698 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $772,000. Pathstone Holdings LLC raised its holdings in shares of Pinnacle Financial Partners by 5.9% during the 3rd quarter. Pathstone Holdings LLC now owns 33,290 shares of the financial services provider’s stock worth $3,261,000 after acquiring an additional 1,861 shares in the last quarter. Finally, Caprock Group LLC raised its holdings in shares of Pinnacle Financial Partners by 2.7% during the 3rd quarter. Caprock Group LLC now owns 5,774 shares of the financial services provider’s stock worth $566,000 after acquiring an additional 154 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

PNFP opened at $105.99 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. 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 business’s fifty day simple moving average is $115.58 and its 200-day simple moving average is $111.64. The company has a market capitalization of $8.20 billion, a price-to-earnings ratio of 17.72 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) 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 business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same quarter in the prior year, the company earned $1.68 EPS. The business’s revenue was up 19.9% compared to the same quarter last year. On average, equities research 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 company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.05%.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was 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 directly owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction 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 sale, the director now owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 in the last three months. 1.46% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PNFP. Stephens reissued an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. UBS Group began coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Citigroup boosted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. 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. Finally, Wells Fargo & Company boosted 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. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $125.18.

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.