Marshall Wace LLP Invests $1.62 Million in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Marshall Wace LLP bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,137 shares of the financial services provider's stock, valued at approximately $1,617,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Barclays PLC boosted its stake in Pinnacle Financial Partners by 117.0% during the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock valued at $16,442,000 after purchasing an additional 90,478 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $229,000. Principal Financial Group Inc. boosted its stake in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock valued at $96,332,000 after purchasing an additional 208,938 shares during the period. Oliver Luxxe Assets LLC boosted its stake in Pinnacle Financial Partners by 19.7% during the 4th quarter. Oliver Luxxe Assets LLC now owns 46,667 shares of the financial services provider's stock valued at $5,338,000 after purchasing an additional 7,691 shares during the period. Finally, Wedmont Private Capital bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $224,000. Institutional investors own 87.40% of the company's stock.

Insider Activity

In related news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners 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 sale, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, March 14th. The stock was 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 owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 85,041 shares of company stock worth $10,122,386. 1.46% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

PNFP stock traded up $2.31 during trading on Thursday, reaching $102.55. 491,664 shares of the stock were exchanged, compared to its average volume of 500,900. 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 50 day simple moving average of $101.41 and a 200-day simple moving average of $111.95. The company has a market capitalization of $7.93 billion, a P/E ratio of 17.15 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share 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 period in the previous year, the business earned $1.53 earnings per share. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be paid a $0.24 dividend. 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 0.94%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 15.53%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PNFP shares. Barclays dropped 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. Stephens reiterated an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods cut their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, 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 note on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.50.

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.