B. Riley Wealth Advisors Inc. Makes New $229,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

B. Riley Wealth Advisors Inc. purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,382 shares of the financial services provider’s stock, valued at approximately $229,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PNFP. International Assets Investment Management LLC acquired a new position in Pinnacle Financial Partners during the second quarter worth about $29,000. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. UMB Bank n.a. raised its position in shares of Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners in the 3rd quarter valued at approximately $49,000. Finally, Quarry LP grew its holdings in Pinnacle Financial Partners by 3,500.0% during the 2nd quarter. Quarry LP now owns 756 shares of the financial services provider’s stock valued at $61,000 after buying an additional 735 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent research reports. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Hovde Group lowered shares of 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 report on Monday, November 18th. Stephens raised their target price on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Finally, Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $120.00 to $135.00 in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $118.91.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $112.24 on Friday. The business has a 50 day simple moving average of $116.05 and a 200-day simple moving average of $98.62. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market capitalization of $8.67 billion, a price-to-earnings ratio of 21.34 and a beta of 1.08. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

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

Pinnacle Financial Partners Announces Dividend

The business 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 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.73%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the transaction, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,661 shares of company stock worth $9,563,127. 1.87% of the stock is currently owned by company insiders.

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 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.