Cetera Investment Advisers Raises Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cetera Investment Advisers boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 25.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,290 shares of the financial services provider's stock after acquiring 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 SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Pinnacle Financial Partners by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after acquiring an additional 87,058 shares in the last quarter. FMR LLC grew its position in Pinnacle Financial Partners by 10.6% during the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after buying an additional 286,894 shares during the period. North Reef Capital Management LP increased its holdings in Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after buying an additional 705,000 shares in the last quarter. Capital Research Global Investors increased its holdings in Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after buying an additional 566,061 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after acquiring an additional 213,505 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Activity

In related news, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. The trade was a 23.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,041 shares of company stock valued at $509,986 in the last 90 days. 1.46% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PNFP shares. Jefferies Financial Group began coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a "buy" rating and a $135.00 target price on the stock. Truist Financial started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price objective on the stock. Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Keefe, Bruyette & Woods cut their target price 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, April 17th. Finally, Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target on the stock in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of "Moderate Buy" and an average target price of $121.27.

Pinnacle Financial Partners Trading Up 2.5%

PNFP stock traded up $2.60 during midday trading on Tuesday, hitting $108.15. The stock had a trading volume of 245,682 shares, compared to its average volume of 502,703. The company's 50-day moving average price is $101.69 and its 200 day moving average price is $112.17. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $8.39 billion, a PE ratio of 18.09 and a beta of 1.00. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

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 EPS for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million during the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same quarter in the previous year, the business earned $1.53 earnings per share. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is 15.53%.

Pinnacle Financial Partners Company 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.