Stephens Inc. AR Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Stephens Inc. AR acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,824 shares of the financial services provider’s stock, valued at approximately $209,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in Pinnacle Financial Partners by 17.9% during the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after buying an additional 28,327 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $3,606,000. KBC Group NV boosted its holdings 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 purchasing an additional 24,407 shares during the period. Artemis Investment Management LLP grew its stake in shares of Pinnacle Financial Partners by 2.6% in the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock worth $55,213,000 after purchasing an additional 12,455 shares during the last quarter. Finally, Geode Capital Management LLC increased 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 purchasing an additional 8,604 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.3 %

NASDAQ:PNFP opened at $120.24 on Monday. The firm has a market capitalization of $9.29 billion, a P/E ratio of 20.11 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The company’s 50-day simple moving average is $118.70 and its 200 day simple moving average is $108.88.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping 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 analysts’ expectations of $470.33 million. During the same period in the previous year, the firm posted $1.68 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, 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 will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.80%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 14.72%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of recent analyst reports. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $113.00 to $119.00 and gave the company a “buy” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Finally, Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $125.18.

Insider Transactions at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 126,970 shares of company stock valued at $15,922,061 in the last quarter. 1.87% of the stock is owned by 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.