Bleakley Financial Group LLC Makes New $218,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Bleakley Financial Group LLC acquired a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,910 shares of the financial services provider’s stock, valued at approximately $218,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Azora Capital LP acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $64,326,000. FMR LLC raised its holdings in shares of Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after purchasing an additional 282,016 shares in the last quarter. Holocene Advisors LP acquired a new position in Pinnacle Financial Partners in the third quarter worth approximately $21,576,000. Principal Financial Group Inc. raised its position in shares of 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 period. Finally, Jacobs Levy Equity Management Inc. increased its stake in Pinnacle Financial Partners by 212.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock worth $28,580,000 after purchasing an additional 198,246 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $119.27 on Thursday. The firm’s 50-day moving average price is $119.02 and its two-hundred day moving average price is $108.38. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The stock has a market capitalization of $9.21 billion, a price-to-earnings ratio of 19.94 and a beta of 1.09. 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 (NASDAQ:PNFP) last released its 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 company 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 business’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, equities analysts predict 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 will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. The ex-dividend date is Friday, February 7th. This is a boost 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 0.80%. Pinnacle Financial Partners’s dividend payout ratio is 14.72%.

Analyst Ratings Changes

PNFP has been the topic of several recent analyst reports. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target 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. Finally, Truist Financial lifted their target price on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Six equities research 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 presently has a consensus rating of “Hold” and a consensus price target of $125.18.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Ingram sold 40,000 shares of the firm’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 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 126,970 shares of company stock worth $15,922,061. 1.87% of the stock is currently owned by company insiders.

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.