Advisory Services Network LLC Purchases Shares of 3,539 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Advisory Services Network LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,539 shares of the financial services provider's stock, valued at approximately $405,000.

A number of other hedge funds also recently modified their holdings of the stock. Principal Securities Inc. raised its holdings in Pinnacle Financial Partners by 12.7% in the 4th 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 period. Sage Mountain Advisors LLC grew its position in shares of Pinnacle Financial Partners by 0.3% in the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock valued at $4,141,000 after purchasing an additional 99 shares during the last quarter. First Horizon Advisors Inc. increased its stake in shares of Pinnacle Financial Partners by 3.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider's stock worth $389,000 after purchasing an additional 102 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Pinnacle Financial Partners by 3.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,352 shares of the financial services provider's stock worth $383,000 after purchasing an additional 126 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Pinnacle Financial Partners by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock worth $277,000 after purchasing an additional 129 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods lowered their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Barclays lowered their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Wells Fargo & Company dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $119.50.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP traded up $3.31 on Tuesday, hitting $96.99. 404,232 shares of the company's stock were exchanged, compared to its average volume of 505,866. The stock has a 50-day moving average of $103.73 and a 200-day moving average of $111.90. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of 16.22 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. 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 (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. During the same period in the prior year, the company earned $1.53 EPS. Analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 15.53%.

Insider Buying and Selling

In related news, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the sale, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction dated Thursday, February 6th. The stock was 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 approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 in the last three months. 1.46% of the stock is owned by corporate insiders.

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.