Legacy Financial Advisors Inc. Grows Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Legacy Financial Advisors Inc. grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,414 shares of the financial services provider’s stock after acquiring an additional 122 shares during the period. Legacy Financial Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $276,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV grew its position in Pinnacle Financial Partners by 1,054.3% in the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after acquiring an additional 24,407 shares in the last quarter. Artemis Investment Management LLP increased its position in shares of Pinnacle Financial Partners by 2.6% during the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after purchasing an additional 12,455 shares during the last quarter. Geode Capital Management LLC raised its holdings in 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 valued at $130,192,000 after buying an additional 8,604 shares during the period. Beacon Capital Management LLC lifted its position in Pinnacle Financial Partners by 101,563.6% in the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider’s stock worth $2,558,000 after buying an additional 22,344 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

PNFP has been the topic of several recent analyst reports. Hovde Group reduced their target price on shares of 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. Barclays decreased their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday. Citigroup upped their target price 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. decreased 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. Finally, Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.70.

Pinnacle Financial Partners Trading Down 0.3 %

NASDAQ PNFP opened at $90.04 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $6.97 billion, a price-to-earnings ratio of 15.06 and a beta of 0.94. The company’s 50-day simple moving average is $107.69 and its two-hundred day simple moving average is $111.93.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The company 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 company posted $1.68 earnings per share. Equities 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 declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.07%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 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.