Advisors Capital Management LLC Has $3.26 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Advisors Capital Management LLC cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,468 shares of the financial services provider’s stock after selling 164 shares during the period. Advisors Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $3,257,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in PNFP. KBC Group NV boosted its position in shares of Pinnacle Financial Partners by 1,054.3% during the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after buying an additional 24,407 shares during the period. Artemis Investment Management LLP grew its stake 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 worth $55,213,000 after acquiring an additional 12,455 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. Beacon Capital Management LLC lifted its position in shares of 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 purchasing an additional 22,344 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings 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 purchasing an additional 208,938 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $92.20 on Tuesday. The firm has a market capitalization of $7.13 billion, a PE ratio of 15.42 and a beta of 0.94. 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 company’s 50-day moving average is $107.03 and its 200-day moving average is $112.01. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same quarter in the prior year, the firm earned $1.53 earnings per share. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.04%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insiders Place Their Bets

In related news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on 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 of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 in the last 90 days. Company insiders own 1.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PNFP shares. Stephens reissued an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. UBS Group began coverage on 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. Citigroup boosted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Wells Fargo & Company decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Finally, Hovde Group cut their price target on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research note on Wednesday, April 2nd. Five 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, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus target price of $124.70.

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.