Royal Bank of Canada Increases Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Royal Bank of Canada grew its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 6.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 150,622 shares of the financial services provider's stock after buying an additional 8,547 shares during the quarter. Royal Bank of Canada owned approximately 0.19% of Pinnacle Financial Partners worth $17,229,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PNFP. Rafferty Asset Management LLC boosted its position in Pinnacle Financial Partners by 7.3% during the 4th quarter. Rafferty Asset Management LLC now owns 102,260 shares of the financial services provider's stock worth $11,698,000 after buying an additional 6,973 shares during the period. ProShare Advisors LLC increased its holdings in Pinnacle Financial Partners by 7.3% in the fourth quarter. ProShare Advisors LLC now owns 3,580 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 244 shares during the period. Quantinno Capital Management LP raised its position in Pinnacle Financial Partners by 47.0% during the 4th quarter. Quantinno Capital Management LP now owns 26,228 shares of the financial services provider's stock worth $3,000,000 after purchasing an additional 8,386 shares during the last quarter. Nomura Holdings Inc. acquired a new position in Pinnacle Financial Partners during the 4th quarter worth about $1,162,000. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Pinnacle Financial Partners by 49.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 434,749 shares of the financial services provider's stock valued at $49,731,000 after buying an additional 143,026 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Pinnacle Financial Partners

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

Analysts Set New Price Targets

A number of equities analysts recently commented on PNFP shares. Keefe, Bruyette & Woods cut 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. Barclays lowered their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Jefferies Financial Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a "buy" rating and a $135.00 price target for the company. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company dropped their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $121.27.

Pinnacle Financial Partners Trading Down 0.7%

Shares of PNFP stock traded down $0.79 on Friday, hitting $106.47. 27,664 shares of the company's stock traded hands, compared to its average volume of 500,799. The stock has a market capitalization of $8.26 billion, a price-to-earnings ratio of 17.80 and a beta of 1.00. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The company's fifty day simple moving average is $101.70 and its 200 day simple moving average is $112.13. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly 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. The company had revenue of $475.37 million for 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 EPS. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

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.