Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,328,564 shares of the financial services provider’s stock after acquiring an additional 8,604 shares during the quarter. Geode Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $130,192,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. OneDigital Investment Advisors LLC lifted its stake in shares of Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after purchasing an additional 88 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Pinnacle Financial Partners by 0.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 17,976 shares of the financial services provider’s stock valued at $1,761,000 after buying an additional 100 shares during the period. Blue Trust Inc. lifted its position in Pinnacle Financial Partners by 10.6% in the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after buying an additional 126 shares during the last quarter. Strategic Blueprint LLC boosted its stake in Pinnacle Financial Partners by 3.4% during the third quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after buying an additional 133 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock valued at $97,000 after acquiring an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $117.03 on Wednesday. The business’s 50-day moving average is $115.18 and its two-hundred day moving average is $98.03. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $9.04 billion, a P/E ratio of 22.25 and a beta of 1.08. 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 issued its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The firm had revenue of $810.11 million for the quarter, compared to analysts’ expectations of $454.18 million. During the same quarter last year, the company earned $1.79 earnings per share. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 1st were paid a dividend of $0.22 per share. The ex-dividend date was Friday, November 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.75%. Pinnacle Financial Partners’s payout ratio is currently 16.73%.

Analysts Set New Price Targets

Several brokerages have recently commented on PNFP. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Stephens boosted their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday. They set a “neutral” rating and a $133.00 price target for the company. Citigroup boosted their price objective on Pinnacle Financial Partners from $113.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Barclays raised their target price on Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “equal weight” rating in a report on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $117.55.

Insider Activity at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the transaction, the director now directly owns 139,489 shares of the company’s stock, valued at approximately $17,585,378.23. This represents a 2.52 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock valued at $9,563,127 over 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.