Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Acquired by Eaton Vance Management


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Eaton Vance Management lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 877.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 603,227 shares of the financial services provider’s stock after acquiring an additional 541,516 shares during the quarter. Eaton Vance Management owned approximately 0.79% of Pinnacle Financial Partners worth $38,848,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in Pinnacle Financial Partners by 4.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,168,976 shares of the financial services provider’s stock valued at $139,682,000 after buying an additional 93,495 shares during the period. Columbus Circle Investors acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $13,346,000. Kalos Management Inc. acquired a new position in Pinnacle Financial Partners in the 4th quarter valued at approximately $252,000. Engineers Gate Manager LP acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $667,000. Finally, Landmark Financial Advisors LLC acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $248,000. Institutional investors and hedge funds own 75.44% of the company’s stock.

Several research analysts have recently commented on PNFP shares. JPMorgan Chase & Co. upgraded shares of Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $47.00 to $74.00 in a research note on Tuesday, December 15th. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 21st. Stephens increased their price target on shares of Pinnacle Financial Partners from $80.00 to $96.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 23rd. Raymond James increased their price target on shares of Pinnacle Financial Partners from $50.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, January 21st. Finally, Keefe, Bruyette & Woods increased their price target on shares of Pinnacle Financial Partners from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, January 21st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Pinnacle Financial Partners presently has an average rating of “Buy” and a consensus price target of $67.22.

In other Pinnacle Financial Partners news, Director Gregory L. Burns sold 2,300 shares of the stock in a transaction on Thursday, January 28th. The shares were sold at an average price of $72.00, for a total value of $165,600.00. Following the completion of the sale, the director now directly owns 27,398 shares of the company’s stock, valued at approximately $1,972,656. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gary L. Scott sold 1,887 shares of the stock in a transaction on Tuesday, March 2nd. The shares were sold at an average price of $82.04, for a total transaction of $154,809.48. Following the completion of the sale, the director now directly owns 24,501 shares of the company’s stock, valued at $2,010,062.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 97,774 shares of company stock valued at $7,929,890. Insiders own 2.98% of the company’s stock.

NASDAQ:PNFP opened at $89.11 on Thursday. Pinnacle Financial Partners, Inc. has a 1 year low of $31.84 and a 1 year high of $96.52. The firm’s fifty day simple moving average is $87.02 and its 200 day simple moving average is $63.96. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $6.77 billion, a PE ratio of 22.97 and a beta of 1.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Monday, January 18th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.23. Pinnacle Financial Partners had a net margin of 22.43% and a return on equity of 6.88%. The business had revenue of $304.43 million for the quarter, compared to analyst estimates of $304.54 million. During the same period last year, the business posted $1.27 EPS. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 4.1 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, February 26th. Shareholders of record on Friday, February 5th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, February 4th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 0.81%. Pinnacle Financial Partners’s dividend payout ratio is 13.41%.

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 in the United States. The company accepts various deposits, including savings, checking, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts.

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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