Avantax Advisory Services Inc. Has $510,000 Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Avantax Advisory Services Inc. reduced its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,456 shares of the financial services provider’s stock after selling 340 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Pinnacle Financial Partners were worth $510,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

PNFP has been the topic of several analyst reports. Citigroup increased their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. JPMorgan Chase & Co. decreased their price objective on shares of 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 began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $125.18.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the stock in a transaction dated 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 sale, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. The trade was a 0.78 % 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 over the last 90 days. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.4 %

Shares of PNFP stock opened at $105.99 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a 50 day simple moving average of $115.58 and a two-hundred day simple moving average of $111.73. The company has a market cap of $8.20 billion, a P/E ratio of 17.72 and a beta of 1.09.

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 net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the prior year, the business earned $1.68 earnings per share. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend was Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

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.