Prime Capital Investment Advisors LLC Increases Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Prime Capital Investment Advisors LLC increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,722 shares of the financial services provider’s stock after buying an additional 304 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Pinnacle Financial Partners were worth $412,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Emerald Advisers LLC purchased a new stake in Pinnacle Financial Partners during the third quarter worth about $27,000. DecisionPoint Financial LLC purchased a new stake in Pinnacle Financial Partners during the second quarter worth about $28,000. International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the third quarter worth about $28,000. Fifth Third Bancorp increased its holdings in Pinnacle Financial Partners by 101.4% during the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after buying an additional 213 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new stake in Pinnacle Financial Partners during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the subject of a number of research analyst reports. Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Barclays began coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 target price for the company. Jefferies Financial Group reduced their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday. Stephens reiterated an “overweight” rating and issued a $108.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 17th. Finally, UBS Group reduced their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and an average price target of $92.57.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total transaction of $553,519.33. Following the completion of the sale, the chairman now directly owns 202,699 shares in the company, valued at $17,721,973.57. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $87.43, for a total transaction of $553,519.33. Following the completion of the sale, the chairman now directly owns 202,699 shares in the company, valued at $17,721,973.57. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders sold a total of 54,175 shares of company stock worth $4,487,253 over the last three months. 1.87% of the stock is owned by insiders.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $80.46 on Friday. The firm has a 50 day moving average of $82.62 and a 200-day moving average of $78.18. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.44. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $92.33. The firm has a market capitalization of $6.20 billion, a P/E ratio of 11.21 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.01. Pinnacle Financial Partners had a net margin of 20.17% and a return on equity of 9.78%. The company had revenue of $396.34 million during the quarter, compared to analyst estimates of $416.97 million. During the same period last year, the business earned $1.76 earnings per share. Pinnacle Financial Partners’s revenue was down 1.4% compared to the same quarter last year. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd were given a dividend of $0.22 per share. The ex-dividend date was Thursday, February 1st. This represents a $0.88 annualized dividend and a yield of 1.09%. Pinnacle Financial Partners’s payout ratio is presently 12.26%.

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.