Northern Trust Corp Raises Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Northern Trust Corp lifted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 22.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 685,795 shares of the financial services provider's stock after buying an additional 125,431 shares during the period. Northern Trust Corp owned approximately 0.89% of Pinnacle Financial Partners worth $78,448,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Pinnacle Financial Partners by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after purchasing an additional 87,058 shares in the last quarter. FMR LLC increased 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 lifted its stake 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 during the last quarter. Capital Research Global Investors boosted its holdings in shares of 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 acquiring an additional 566,061 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Pinnacle Financial Partners by 16.5% during the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock worth $172,072,000 after acquiring an additional 213,505 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNFP has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Stephens reissued an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Wells Fargo & Company reduced their price objective on 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. Barclays lowered their target price on 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. Finally, 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. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $119.50.

Insiders Place Their Bets

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

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $105.54 on Tuesday. The company's fifty day moving average is $100.91 and its two-hundred day moving average is $112.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $8.17 billion, a P/E ratio of 17.65 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.

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, topping 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 company had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same period in the prior year, the business posted $1.53 earnings per share. Analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors 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 annualized dividend and a yield of 0.91%. Pinnacle Financial Partners's dividend payout ratio is presently 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.

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