Proficio Capital Partners LLC Makes New $3.86 Million 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 the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 33,745 shares of the financial services provider’s stock, valued at approximately $3,860,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. OneDigital Investment Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after buying an additional 88 shares during the last quarter. Principal Securities Inc. grew its stake in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 0.6% during the third quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after buying an additional 100 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Pinnacle Financial Partners by 3.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after buying an additional 102 shares during the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Pinnacle Financial Partners by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock valued at $277,000 after buying an additional 129 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the transaction, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 166,970 shares of company stock worth $20,474,461 over the last three months. Company insiders own 1.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Barclays raised 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 research note on Thursday, December 19th. Citigroup raised their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. 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. UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Finally, Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $107.30 on Wednesday. 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. The company has a 50-day simple moving average of $118.35 and a two-hundred day simple moving average of $111.18. The firm has a market capitalization of $8.30 billion, a PE ratio of 17.94 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping 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 analyst estimates of $470.33 million. During the same period last year, the business posted $1.68 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders 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 yield of 0.89%. 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.