Modern Wealth Management LLC Acquires Shares of 2,113 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Modern Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,113 shares of the financial services provider’s stock, valued at approximately $258,000.

Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $70,000. UMB Bank n.a. lifted its holdings 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 buying an additional 239 shares during the period. Principal Securities Inc. boosted its stake in Pinnacle Financial Partners by 12.7% in the fourth 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 acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth $97,000. Finally, Northwest & Ethical Investments L.P. bought a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $137,000. 87.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $105.06 on Friday. The firm’s 50 day moving average price is $114.63 and its two-hundred day moving average price is $112.07. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The firm has a market cap of $8.13 billion, a P/E ratio of 17.57 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results 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 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 analyst estimates of $470.33 million. During the same period in the prior year, the business earned $1.68 EPS. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS 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. Investors of record on Friday, February 7th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, February 7th. 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 0.91%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Insider Activity at Pinnacle Financial Partners

In related news, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction 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 transaction, the director now owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the sale, the director now owns 82,256 shares in the company, valued at $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is 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.