Oliver Luxxe Assets LLC Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Oliver Luxxe Assets LLC increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 19.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,667 shares of the financial services provider’s stock after buying an additional 7,691 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Pinnacle Financial Partners were worth $5,338,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. TD Asset Management Inc raised its position in Pinnacle Financial Partners by 5.2% during the 2nd quarter. TD Asset Management Inc now owns 39,350 shares of the financial services provider’s stock worth $3,150,000 after buying an additional 1,948 shares during the last quarter. Arizona State Retirement System boosted its holdings in Pinnacle Financial Partners by 2.3% in the second quarter. Arizona State Retirement System now owns 21,577 shares of the financial services provider’s stock valued at $1,727,000 after purchasing an additional 478 shares during the last quarter. Oak Thistle LLC acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $314,000. Wedbush Securities Inc. purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at about $207,000. Finally, Choreo LLC lifted its holdings in shares of Pinnacle Financial Partners by 154.6% in the 2nd quarter. Choreo LLC now owns 16,356 shares of the financial services provider’s stock valued at $1,296,000 after buying an additional 9,932 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PNFP shares. Barclays upgraded 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 report on Thursday, December 19th. UBS Group started coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Stephens raised their price target on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Finally, Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $119.73.

Pinnacle Financial Partners Price Performance

PNFP stock traded down $0.06 during trading on Monday, hitting $115.36. The stock had a trading volume of 297,333 shares, compared to its average volume of 324,177. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company’s 50-day moving average price is $118.38 and its two-hundred day moving average price is $101.30. 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 stock has a market capitalization of $8.91 billion, a P/E ratio of 21.93 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million for the quarter, compared to analyst estimates of $454.18 million. During the same period in the previous year, the company posted $1.79 earnings per share. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Insider Activity

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares of the company’s stock, valued at $15,263,070. This represents a 28.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock worth $9,563,127 over the last three months. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Company 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.