Proficio Capital Partners LLC Buys New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Proficio Capital Partners LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 33,745 shares of the financial services provider’s stock, valued at approximately $3,860,000.

A number of other large investors also recently modified their holdings of the company. M&T Bank Corp increased its position in Pinnacle Financial Partners by 2.2% during the 4th quarter. M&T Bank Corp now owns 7,513 shares of the financial services provider’s stock worth $859,000 after purchasing an additional 165 shares in the last quarter. Atria Investments Inc increased its position in shares of Pinnacle Financial Partners by 7.5% in the fourth quarter. Atria Investments Inc now owns 49,298 shares of the financial services provider’s stock worth $5,639,000 after acquiring an additional 3,422 shares in the last quarter. Patten Group Inc. raised its stake in shares of Pinnacle Financial Partners by 6.7% in the 4th quarter. Patten Group Inc. now owns 18,718 shares of the financial services provider’s stock valued at $2,141,000 after acquiring an additional 1,168 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Pinnacle Financial Partners by 8.6% during the 4th quarter. Jones Financial Companies Lllp now owns 2,099 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 166 shares in the last quarter. Finally, Sage Investment Counsel LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth $8,671,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $103.79 on Tuesday. The firm has a market cap of $8.03 billion, a P/E ratio of 17.36 and a beta of 1.09. The firm has a fifty day moving average of $116.29 and a two-hundred day moving average of $111.64. 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 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share 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 firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same period in the previous year, the company earned $1.68 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors 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 0.92%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Analyst Ratings Changes

PNFP has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Citigroup increased their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Hovde Group cut shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research report on Monday, November 18th. Finally, Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $125.18.

Insider Buying and Selling

In other news, Director David B. Ingram sold 10,309 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the sale, the director now directly owns 82,256 shares in the company, valued at approximately $10,364,256. This represents a 11.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $201,260.00. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 over the last ninety days. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners 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.