O Shaughnessy Asset Management LLC Buys 688 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

O Shaughnessy Asset Management LLC grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,786 shares of the financial services provider’s stock after purchasing an additional 688 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $662,000 at the end of the most recent quarter.

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

Insider Activity

In related news, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now owns 254,552 shares of the company’s stock, valued at $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David B. Ingram sold 40,000 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock valued at $11,421,320 over the last three months. Insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on PNFP shares. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. UBS Group began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target for the company. Wells Fargo & Company upped their price objective 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. Stephens reiterated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Hovde Group cut their price target on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $126.70.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $87.23 on Wednesday. The stock’s 50 day simple moving average is $110.15 and its 200 day simple moving average is $112.16. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The stock has a market capitalization of $6.75 billion, a PE ratio of 14.59 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly 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. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period in the prior year, the company posted $1.68 earnings per share. The company’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared 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 of this dividend 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 1.10%. Pinnacle Financial Partners’s payout ratio is currently 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.