Norges Bank Buys New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Norges Bank purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 889,924 shares of the financial services provider’s stock, valued at approximately $101,798,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. UMB Bank n.a. boosted its position in shares of Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 239 shares in the last quarter. Principal Securities Inc. grew 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 valued at $92,000 after purchasing an additional 91 shares during the period. Trust Co. of Vermont acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $97,000. Values First Advisors Inc. lifted its position in shares of Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock worth $167,000 after buying an additional 955 shares during the period. Finally, Blue Trust Inc. boosted its stake in Pinnacle Financial Partners by 20.6% in the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock valued at $181,000 after buying an additional 271 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insiders Place Their Bets

In other news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This trade 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 through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the transaction, the director now directly owns 9,943 shares of the company’s stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,350 shares of company stock valued at $11,421,320. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Down 1.2 %

PNFP stock opened at $104.75 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market cap of $8.10 billion, a P/E ratio of 17.52 and a beta of 1.09. The business has a fifty day moving average of $114.04 and a 200-day moving average of $112.53.

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, topping the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million during 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 company’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.68 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. 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 0.92%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Analyst Upgrades and Downgrades

PNFP has been the subject of several recent analyst reports. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. JPMorgan Chase & Co. cut their price target 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. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Finally, Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $125.18.

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.