Pinnacle Financial Partners Inc Sells 85,476 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pinnacle Financial Partners Inc lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 707,779 shares of the financial services provider’s stock after selling 85,476 shares during the period. Pinnacle Financial Partners makes up 1.6% of Pinnacle Financial Partners Inc’s investment portfolio, making the stock its 10th largest position. Pinnacle Financial Partners Inc owned 0.92% of Pinnacle Financial Partners worth $80,963,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Azora Capital LP acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $64,326,000. FMR LLC lifted its stake in Pinnacle Financial Partners by 11.6% during the 3rd 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 stake in Pinnacle Financial Partners in the 3rd quarter valued at about $21,576,000. Principal Financial Group Inc. raised its position in Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after purchasing an additional 208,938 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in Pinnacle Financial Partners by 212.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock valued at $28,580,000 after purchasing an additional 198,246 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective on the stock. in a report on Monday, November 18th. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $125.18.

Insiders Place Their Bets

In other news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now owns 40,991 shares of the company’s stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 126,970 shares of company stock valued at $15,922,061. Corporate insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $114.21 on Friday. The stock has a fifty day moving average price of $118.68 and a 200 day moving average price of $109.45. The stock has a market cap of $8.82 billion, a PE ratio of 19.10 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 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 (NASDAQ:PNFP) last issued its quarterly earnings data 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 firm had revenue of $475.34 million during 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%. Pinnacle Financial Partners’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.68 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be given a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.84%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

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.