Wellington Management Group LLP Boosts Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wellington Management Group LLP lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,504,254 shares of the financial services provider’s stock after acquiring an additional 213,505 shares during the period. Wellington Management Group LLP’s holdings in Pinnacle Financial Partners were worth $172,072,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Principal Securities Inc. raised its holdings in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 91 shares in the last quarter. Sage Mountain Advisors LLC raised its stake in Pinnacle Financial Partners by 0.3% during the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock worth $4,141,000 after acquiring an additional 99 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Pinnacle Financial Partners by 3.1% in the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after acquiring an additional 102 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Pinnacle Financial Partners by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock valued at $277,000 after acquiring an additional 129 shares in the last quarter. Finally, TBH Global Asset Management LLC grew its holdings in shares of Pinnacle Financial Partners by 2.6% during the fourth quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider’s stock worth $669,000 after purchasing an additional 149 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $106.87 on Thursday. 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 company has a 50-day moving average price of $113.74 and a 200 day moving average price of $112.49. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company has a market cap of $8.27 billion, a P/E ratio of 17.87 and a beta of 0.94.

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, beating the consensus estimate 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 business had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same period last year, the firm earned $1.68 EPS. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the transaction, the director now owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 in the last ninety days. 1.46% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Hovde Group reduced their target price on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a report on Wednesday. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Finally, Stephens reissued an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $123.82.

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.