Vicus Capital Takes $204,000 Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Vicus Capital bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,784 shares of the financial services provider’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after buying an additional 282,016 shares during the period. Geode Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after buying an additional 8,604 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after buying an additional 9,856 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.3 %

Shares of NASDAQ:PNFP opened at $120.24 on Friday. The company has a fifty day moving average of $118.82 and a 200-day moving average of $108.54. The company has a market capitalization of $9.29 billion, a PE ratio of 20.11 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly 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 the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.68 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.80%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 16.05%.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on 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 completion of the sale, the chairman now directly owns 123,000 shares in the company, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the sale, the director now owns 92,565 shares of the company’s stock, valued at $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 126,970 shares of company stock worth $15,922,061 over the last three months. Company insiders own 1.87% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PNFP shares. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Hovde Group cut 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. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Finally, Truist Financial upped their target price on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $125.18.

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.