Pinebridge Investments L.P. Boosts Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pinebridge Investments L.P. grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 42.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 28,712 shares of the financial services provider's stock after buying an additional 8,590 shares during the quarter. Pinebridge Investments L.P.'s holdings in Pinnacle Financial Partners were worth $3,284,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PNFP. Steel Grove Capital Advisors LLC raised its position in shares of Pinnacle Financial Partners by 5.5% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 7,856 shares of the financial services provider's stock worth $899,000 after acquiring an additional 409 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Pinnacle Financial Partners by 167.2% in the 4th quarter. Hsbc Holdings PLC now owns 9,412 shares of the financial services provider's stock worth $1,077,000 after purchasing an additional 5,890 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. bought a new position in Pinnacle Financial Partners in the 4th quarter worth about $78,110,000. Tower Research Capital LLC TRC boosted its stake in Pinnacle Financial Partners by 148.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 12,975 shares of the financial services provider's stock worth $1,484,000 after purchasing an additional 7,761 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Pinnacle Financial Partners by 9.1% in the 4th quarter. MetLife Investment Management LLC now owns 43,129 shares of the financial services provider's stock worth $4,934,000 after purchasing an additional 3,592 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded up $1.92 during trading on Thursday, hitting $102.16. The company's stock had a trading volume of 146,513 shares, compared to its average volume of 499,840. The company has a 50-day moving average of $101.41 and a 200-day moving average of $111.95. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. 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 $7.90 billion, a price-to-earnings ratio of 17.08 and a beta of 0.94.

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, topping the consensus estimate of $1.82 by $0.08. The company had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the prior year, the firm posted $1.53 EPS. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is 15.53%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares of the company's stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $304,650.00. Following the sale, the director now directly owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 85,041 shares of company stock valued at $10,122,386. 1.46% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their price target on shares of 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. Stephens restated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Wells Fargo & Company lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods lowered their target price on shares of 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. Finally, Barclays lowered 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 research note on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.