Raymond James Financial Inc. Invests $44.74 Million in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Raymond James Financial Inc. purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 391,104 shares of the financial services provider's stock, valued at approximately $44,737,000. Raymond James Financial Inc. owned 0.51% of Pinnacle Financial Partners as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. 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 valued at $823,652,000 after purchasing an additional 87,058 shares during the period. FMR LLC increased its holdings in Pinnacle Financial Partners by 10.6% in the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after buying an additional 286,894 shares during the period. Wellington Management Group LLP increased its holdings in Pinnacle Financial Partners by 16.5% in 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 buying an additional 213,505 shares during the period. Geode Capital Management LLC raised its stake in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after buying an additional 8,604 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of 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 worth $96,332,000 after acquiring an additional 208,938 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Up 0.4 %

NASDAQ:PNFP traded up $0.36 on Friday, hitting $95.11. 548,597 shares of the stock were exchanged, compared to its average volume of 507,965. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of 15.90 and a beta of 0.94. 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, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company's 50-day moving average price is $104.70 and its 200 day moving average price is $112.02.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results 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. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the business posted $1.53 EPS. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

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. This represents a $0.96 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 10,309 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the transaction, the director now directly owns 82,256 shares of the company's stock, valued at approximately $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,350 shares of company stock valued at $11,421,320. Corporate insiders own 1.46% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PNFP. Citigroup increased their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Stephens restated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a research note on Wednesday. Finally, Keefe, Bruyette & Woods cut their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, Pinnacle Financial Partners has an average rating of "Moderate Buy" and a consensus target price of $119.50.

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.