Edgestream Partners L.P. Buys 14,381 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Edgestream Partners L.P. raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 83.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,558 shares of the financial services provider’s stock after acquiring an additional 14,381 shares during the quarter. Edgestream Partners L.P.’s holdings in Pinnacle Financial Partners were worth $3,610,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. OneDigital Investment Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock valued at $651,000 after acquiring an additional 88 shares during the period. Principal Securities Inc. increased its stake in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 0.6% in the third 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 in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Pinnacle Financial Partners by 3.1% in the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after buying an additional 102 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake 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 buying an additional 129 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PNFP. UBS Group began coverage on 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. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $106.62 on Friday. The firm has a market capitalization of $8.25 billion, a P/E ratio of 17.83 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The business has a 50-day moving average of $117.88 and a 200-day moving average of $111.35. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.68 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is 16.05%.

Insider Activity

In other news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $126.07, for a total value of $455,112.70. Following the transaction, the director now owns 139,489 shares in the company, valued at $17,585,378.23. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,970 shares of company stock worth $11,749,561 in the last 90 days. Corporate insiders own 1.87% of the company’s stock.

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.