Objectivity Squared LLC Acquires Shares of 1,788 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Objectivity Squared LLC bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 1,788 shares of the financial services provider’s stock, valued at approximately $201,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. Victory Capital Management Inc. raised its holdings in Pinnacle Financial Partners by 17.9% in the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock worth $18,282,000 after purchasing an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth about $3,606,000. KBC Group NV increased its stake in shares of Pinnacle Financial Partners by 1,054.3% in the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after acquiring an additional 24,407 shares in the last quarter. Artemis Investment Management LLP lifted its position in Pinnacle Financial Partners by 2.6% during the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after acquiring an additional 12,455 shares during the period. Finally, Geode Capital Management LLC lifted its position in Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after acquiring an additional 8,604 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 10,309 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now directly owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. This trade represents a 11.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the sale, the chairman now directly owns 83,000 shares of the company’s stock, valued at $9,446,230. The trade was a 32.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,309 shares of company stock valued at $10,911,334 over the last 90 days. Company insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $106.62 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $8.25 billion, a price-to-earnings ratio of 17.83 and a beta of 1.09. The business has a 50-day simple moving average of $117.88 and a two-hundred day simple moving average of $111.48. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two 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 earnings per share for the quarter, beating 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 9.04%. The firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the previous year, the company earned $1.68 earnings per share. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current 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 paid a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PNFP shares. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. JPMorgan Chase & Co. cut their price target on 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. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners 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.