NBZ Investment Advisors LLC Acquires Shares of 5,842 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

NBZ Investment Advisors LLC purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, Holdings Channel reports. The firm purchased 5,842 shares of the financial services provider’s stock, valued at approximately $668,000. Pinnacle Financial Partners accounts for 0.4% of NBZ Investment Advisors LLC’s portfolio, making the stock its 27th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNFP. Cerity Partners LLC increased its stake in Pinnacle Financial Partners by 24.5% in the third 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 last quarter. FMR LLC increased its stake in shares of Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $70,000. BNP Paribas Financial Markets lifted its position in shares of Pinnacle Financial Partners by 689.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,932 shares of the financial services provider’s stock worth $2,149,000 after buying an additional 19,153 shares during the last quarter. Finally, Townsquare Capital LLC boosted its stake in Pinnacle Financial Partners by 6.6% in the third quarter. Townsquare Capital LLC now owns 9,350 shares of the financial services provider’s stock valued at $916,000 after buying an additional 581 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Finally, Stephens reaffirmed an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $125.18.

Insiders Place Their Bets

In other news, Director David B. Ingram sold 40,000 shares of the 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 sale, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $107.39 on Friday. The business has a 50-day simple moving average of $114.92 and a 200 day simple moving average of $111.99. The firm has a market capitalization of $8.31 billion, a price-to-earnings ratio of 17.96 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly 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. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same quarter last year, the firm posted $1.68 EPS. Pinnacle Financial Partners’s revenue was up 19.9% compared to the same quarter last year. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.89%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is 16.05%.

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.