Waldron Private Wealth LLC Invests $239,000 in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Waldron Private Wealth LLC bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,088 shares of the financial services provider’s stock, valued at approximately $239,000.

Other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $30,000. UMB Bank n.a. grew its stake in shares of Pinnacle Financial Partners by 83.4% in the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 226 shares in the last quarter. Values First Advisors Inc. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $49,000. Brooklyn Investment Group bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $70,000. Finally, Trust Co. of Vermont bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth $97,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $124.77 on Monday. The stock’s 50-day simple moving average is $119.48 and its 200 day simple moving average is $106.98. The stock has a market capitalization of $9.64 billion, a price-to-earnings ratio of 20.86 and a beta of 1.09. 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.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter last year, the firm posted $1.68 EPS. The company’s revenue was up 19.9% compared to the same quarter last year. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.79 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.77%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares in the company, valued at $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,661 shares of company stock valued at $9,563,127 in the last 90 days. Corporate insiders own 1.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PNFP. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Finally, Truist Financial upped their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $125.18.

About Pinnacle Financial Partners

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.