Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by 12th Street Asset Management Company LLC

12th Street Asset Management Company LLC grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 20.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 303,244 shares of the financial services provider’s stock after purchasing an additional 50,573 shares during the quarter. Pinnacle Financial Partners makes up about 5.7% of 12th Street Asset Management Company LLC’s portfolio, making the stock its 3rd biggest holding. 12th Street Asset Management Company LLC’s holdings in Pinnacle Financial Partners were worth $34,688,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. OneDigital Investment Advisors LLC increased its holdings in shares of Pinnacle Financial Partners by 1.3% in the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares during the last quarter. Principal Securities Inc. increased its stake in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the last quarter. Sage Mountain Advisors LLC raised its holdings in shares of Pinnacle Financial Partners by 0.3% during the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock worth $4,141,000 after acquiring an additional 99 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 0.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after acquiring an additional 100 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Pinnacle Financial Partners by 3.1% in the fourth 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. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This trade represents a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares of the company’s stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 92,350 shares of company stock worth $11,116,670. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $100.03 on Friday. 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 company has a market cap of $7.74 billion, a P/E ratio of 16.73 and a beta of 1.09. The stock has a 50-day moving average of $116.77 and a two-hundred day moving average of $111.38. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the previous year, the business posted $1.68 earnings per share. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have commented on PNFP. 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. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price 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.