Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Patten Group Inc.

Patten Group Inc. lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 18,718 shares of the financial services provider’s stock after purchasing an additional 1,168 shares during the quarter. Patten Group Inc.’s holdings in Pinnacle Financial Partners were worth $2,141,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

PNFP has been the subject of several research reports. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research report on Monday, November 18th. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, 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 research report on Wednesday, December 4th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Trading Down 2.3 %

Shares of PNFP stock opened at $111.68 on Tuesday. The stock has a 50 day simple moving average of $118.49 and a 200-day simple moving average of $111.06. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a market cap of $8.64 billion, a price-to-earnings ratio of 18.68 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data 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 company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the prior year, the business posted $1.68 earnings per share. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Insider Transactions at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the transaction, the director now owns 92,565 shares in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 166,970 shares of company stock valued at $20,474,461 over the last ninety days. Insiders own 1.87% 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.