AGP Franklin LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 20,948 shares of the financial services provider's stock, valued at approximately $2,396,000. Pinnacle Financial Partners comprises approximately 1.5% of AGP Franklin LLC's holdings, making the stock its 27th biggest holding.
Other hedge funds also recently bought and sold shares of the company. Cahaba Wealth Management Inc. increased its holdings in Pinnacle Financial Partners by 1.7% in the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock valued at $758,000 after purchasing an additional 113 shares during the last quarter. Mariner LLC raised its holdings in shares of Pinnacle Financial Partners by 18.0% in the 4th quarter. Mariner LLC now owns 53,277 shares of the financial services provider's stock valued at $6,094,000 after buying an additional 8,112 shares during the period. Seeds Investor LLC acquired a new position in Pinnacle Financial Partners during the 4th quarter worth about $222,000. Sagespring Wealth Partners LLC purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $2,161,000. Finally, Next Century Growth Investors LLC acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at about $9,461,000. Hedge funds and other institutional investors own 87.40% of the company's stock.
Wall Street Analysts Forecast Growth
PNFP has been the topic of several research reports. Barclays reduced their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods decreased their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday. 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 note on Wednesday, April 9th. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price for the company in a report on Wednesday. Finally, Stephens reissued an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. 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 stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.50.
Read Our Latest Report on Pinnacle Financial Partners
Pinnacle Financial Partners Stock Performance
PNFP traded up $0.36 on Friday, hitting $95.11. 548,597 shares of the company traded hands, compared to its average volume of 507,965. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a 50 day moving average of $104.70 and a 200-day moving average of $111.89. 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 stock has a market capitalization of $7.36 billion, a PE ratio of 15.90 and a beta of 0.94.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the previous year, the firm earned $1.53 earnings per share. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.
Pinnacle Financial Partners Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 1.01%. Pinnacle Financial Partners's payout ratio is currently 15.53%.
Insider Buying and Selling at Pinnacle Financial Partners
In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value 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 represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,350 shares of company stock valued at $11,421,320. Corporate insiders own 1.46% of the company's stock.
About Pinnacle Financial Partners
(
Free Report)
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.
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