PYA Waltman Capital LLC Takes Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

PYA Waltman Capital LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,000 shares of the financial services provider’s stock, valued at approximately $229,000.

Other large investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $30,000. Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners during the third quarter worth approximately $49,000. Brooklyn Investment Group acquired a new position in Pinnacle Financial Partners in the third quarter valued at approximately $70,000. UMB Bank n.a. increased its stake in Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 239 shares during the last quarter. Finally, Principal Securities Inc. raised its holdings in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PNFP. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Citigroup boosted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Stephens restated an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six investment 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 has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Trading Down 2.2 %

Shares of Pinnacle Financial Partners stock opened at $118.28 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The company’s 50-day simple moving average is $118.68 and its 200-day simple moving average is $109.45. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The firm has a market cap of $9.14 billion, a price-to-earnings ratio of 19.78 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results 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 9.04%. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same period in the previous year, the firm earned $1.68 EPS. The business’s revenue was up 19.9% on a year-over-year basis. As a group, equities research analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be 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 annualized dividend and a yield of 0.81%. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction dated 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 owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the sale, the chief financial officer now directly 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. Insiders sold 126,970 shares of company stock valued at $15,922,061 in the last 90 days. 1.87% of the stock is currently owned by insiders.

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.