one8zero8 LLC Buys Shares of 2,065 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

one8zero8 LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 2,065 shares of the financial services provider’s stock, valued at approximately $236,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC raised its stake in Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares during the period. Geode Capital Management LLC raised its position in shares of 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 buying an additional 8,604 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after acquiring an additional 172,750 shares during the last quarter. Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Pinnacle Financial Partners by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after acquiring an additional 9,856 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PNFP shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Stephens restated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Wells Fargo & Company increased 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 research report on Thursday, January 23rd. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Trading Up 2.8 %

NASDAQ:PNFP opened at $102.82 on Monday. The stock has a fifty day moving average price of $116.52 and a 200 day moving average price of $111.60. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The firm has a market cap of $7.95 billion, a PE ratio of 17.19 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.68 earnings per share. Sell-side 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 disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.93%. This is a positive change 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%.

Insider Transactions at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the sale, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 92,350 shares of company stock valued at $11,116,670. Insiders own 1.46% of the company’s stock.

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.