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

Norges Bank acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 889,924 shares of the financial services provider’s stock, valued at approximately $101,798,000. Norges Bank owned approximately 1.15% of Pinnacle Financial Partners as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its holdings in shares of Pinnacle Financial Partners by 689.2% during the third quarter. BNP Paribas Financial Markets now owns 21,932 shares of the financial services provider’s stock valued at $2,149,000 after buying an additional 19,153 shares in the last quarter. Townsquare Capital LLC boosted its position in Pinnacle Financial Partners by 6.6% during the 3rd quarter. Townsquare Capital LLC now owns 9,350 shares of the financial services provider’s stock worth $916,000 after acquiring an additional 581 shares during the period. Glenmede Trust Co. NA purchased a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $215,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Pinnacle Financial Partners by 7.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,364 shares of the financial services provider’s stock valued at $1,603,000 after purchasing an additional 1,102 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Pinnacle Financial Partners by 0.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 200,132 shares of the financial services provider’s stock worth $19,607,000 after purchasing an additional 1,290 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 10,309 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, the director now directly owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 in the last 90 days. 1.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PNFP. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Stephens reaffirmed an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Trading Down 1.2 %

Shares of PNFP stock opened at $104.75 on Wednesday. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a market cap of $8.10 billion, a PE ratio of 17.52 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $114.04 and its two-hundred day moving average is $112.53.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners’s revenue was up 19.9% compared to the same quarter last year. During the same period last year, the business posted $1.68 EPS. Equities analysts predict 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. Stockholders of record on Friday, February 7th were paid 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 dividend on an annualized basis and a dividend yield of 0.92%. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Pinnacle Financial Partners 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.