Values First Advisors Inc. Boosts Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Values First Advisors Inc. lifted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 189.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,458 shares of the financial services provider’s stock after acquiring an additional 955 shares during the period. Values First Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $167,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PNFP. FMR LLC increased its position in Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after buying an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Pinnacle Financial Partners by 20.5% in 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 buying an additional 172,750 shares during the period. Principal Financial Group Inc. boosted its holdings in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Pinnacle Financial Partners by 1.1% during the third 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 period. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Down 3.3 %

Shares of PNFP opened at $119.27 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current 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 stock has a 50-day moving average price of $119.02 and a 200 day moving average price of $108.38. The company has a market capitalization of $9.21 billion, a P/E ratio of 19.94 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.68 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.80%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is presently 14.72%.

Insider Activity

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 126,970 shares of company stock worth $15,922,061. 1.87% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Stephens reaffirmed an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note 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 stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, Wells Fargo & Company raised 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. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average target price 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.