Woodmont Investment Counsel LLC Acquires 7,651 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Woodmont Investment Counsel LLC lifted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.4% in the fourth quarter, HoldingsChannel reports. The fund owned 60,922 shares of the financial services provider’s stock after buying an additional 7,651 shares during the period. Woodmont Investment Counsel LLC’s holdings in Pinnacle Financial Partners were worth $6,969,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PNFP. Thrivent Financial for Lutherans lifted its stake in Pinnacle Financial Partners by 1.8% in the third quarter. Thrivent Financial for Lutherans now owns 39,672 shares of the financial services provider’s stock worth $3,886,000 after purchasing an additional 698 shares during the last quarter. Pathstone Holdings LLC increased its holdings in shares of Pinnacle Financial Partners by 5.9% in the third quarter. Pathstone Holdings LLC now owns 33,290 shares of the financial services provider’s stock worth $3,261,000 after buying an additional 1,861 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after acquiring an additional 9,856 shares during the last quarter. Cerity Partners LLC boosted its holdings in Pinnacle Financial Partners by 24.5% during the 3rd quarter. Cerity Partners LLC now owns 36,261 shares of the financial services provider’s stock valued at $3,552,000 after acquiring an additional 7,130 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Pinnacle Financial Partners by 20.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock worth $99,443,000 after acquiring an additional 172,750 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the business’s stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction on 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 over the last quarter. Corporate insiders own 1.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PNFP. Wells Fargo & Company boosted their price objective 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. Stephens reissued an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. dropped 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 report on Tuesday, January 7th. Finally, Citigroup boosted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $105.99 on Monday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The stock’s 50 day simple moving average is $115.58 and its two-hundred day simple moving average is $111.83. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market cap of $8.20 billion, a price-to-earnings ratio of 17.72 and a beta of 1.09.

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

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

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.