Proficio Capital Partners LLC Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Proficio Capital Partners LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 33,745 shares of the financial services provider’s stock, valued at approximately $3,860,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 5.5% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 129,424 shares of the financial services provider’s stock valued at $14,805,000 after purchasing an additional 6,701 shares during the period. Amalgamated Bank lifted its stake in shares of Pinnacle Financial Partners by 0.5% in the 4th quarter. Amalgamated Bank now owns 36,593 shares of the financial services provider’s stock valued at $4,186,000 after purchasing an additional 178 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares during the period. PYA Waltman Capital LLC acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $229,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Pinnacle Financial Partners by 34.9% in the 4th quarter. Handelsbanken Fonder AB now owns 20,095 shares of the financial services provider’s stock valued at $2,299,000 after purchasing an additional 5,200 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director David B. Ingram sold 40,000 shares of the company’s 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 in the company, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares in the company, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 166,970 shares of company stock valued at $20,474,461 over the last three months. Corporate insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $107.30 on Wednesday. The firm has a market cap of $8.30 billion, a PE ratio of 17.94 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average of $118.35 and a 200-day moving average of $111.18. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.68 earnings per share. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.89%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Stephens reissued an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. UBS Group began coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Finally, Wells Fargo & Company boosted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $125.18.

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.