SlateStone Wealth LLC Buys New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

SlateStone Wealth LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, Holdings Channel reports. The institutional investor bought 1,783 shares of the financial services provider’s stock, valued at approximately $204,000.

Other large investors have also modified their holdings of the company. Azora Capital LP acquired a new position in Pinnacle Financial Partners during the third quarter worth $64,326,000. Raymond James Financial Inc. acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $44,737,000. FMR LLC raised its stake in Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after acquiring an additional 282,016 shares in the last quarter. Holocene Advisors LP acquired a new position in Pinnacle Financial Partners during the third quarter worth $21,576,000. Finally, Principal Financial Group Inc. raised its stake in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $103.79 on Tuesday. The business’s 50-day simple moving average is $116.29 and its 200 day simple moving average is $111.64. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 17.36 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.68 earnings per share. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.92%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 16.05%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,350 shares of company stock worth $11,421,320. Insiders own 1.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, 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. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.