Cetera Investment Advisers Grows Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cetera Investment Advisers increased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 25.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,290 shares of the financial services provider's stock after purchasing an additional 2,502 shares during the period. Cetera Investment Advisers' holdings in Pinnacle Financial Partners were worth $1,406,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PNFP. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth about $101,798,000. North Reef Capital Management LP boosted its holdings in Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock worth $221,917,000 after buying an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $78,110,000. Capital Research Global Investors grew its holdings in shares of Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after buying an additional 566,061 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at about $44,737,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. This represents a 23.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,041 shares of company stock valued at $509,986 over the last quarter. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded up $1.17 during midday trading on Tuesday, reaching $106.72. 16,255 shares of the company were exchanged, compared to its average volume of 520,233. The stock has a fifty day simple moving average of $101.64 and a 200 day simple moving average of $112.19. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a market cap of $8.28 billion, a P/E ratio of 17.83 and a beta of 1.00. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the previous year, the company posted $1.53 earnings per share. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's payout ratio is 15.53%.

Analyst Ratings Changes

Several analysts have issued reports on PNFP shares. Jefferies Financial Group started coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 target price for the company. Barclays cut 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 note on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Truist Financial assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $121.27.

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.