Beacon Capital Management LLC Raises Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Beacon Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 101,563.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,366 shares of the financial services provider’s stock after acquiring an additional 22,344 shares during the quarter. Pinnacle Financial Partners accounts for about 0.3% of Beacon Capital Management LLC’s holdings, making the stock its 24th largest position. Beacon Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $2,558,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Asset Planning Inc purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $212,000. Vicus Capital purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $204,000. Values First Advisors Inc. increased its position in shares of Pinnacle Financial Partners by 189.9% during the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after acquiring an additional 955 shares during the last quarter. Savant Capital LLC purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $244,000. Finally, Stephens Inc. AR purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $209,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 126,970 shares of company stock valued at $15,922,061. Company insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $120.24 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The business has a fifty day moving average price of $118.70 and a 200-day moving average price of $108.79. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $9.29 billion, a P/E ratio of 20.11 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period last year, the company earned $1.68 earnings per share. As a group, equities research analysts forecast 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 will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be paid a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.80%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 14.72%.

Analysts Set New Price Targets

A number of analysts recently commented on PNFP shares. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a report on Monday, November 18th. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus 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.