Sterling Capital Management LLC Has $6.39 Million Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Sterling Capital Management LLC lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 48.7% in the fourth quarter, HoldingsChannel reports. The fund owned 55,843 shares of the financial services provider’s stock after selling 53,077 shares during the period. Sterling Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $6,388,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PNFP. UMB Bank n.a. increased its position in Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 239 shares during the period. Principal Securities Inc. grew its position in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 91 shares in the last quarter. Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $97,000. Values First Advisors Inc. raised its position in shares of Pinnacle Financial Partners by 189.9% in the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after buying an additional 955 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Pinnacle Financial Partners by 20.6% in the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock valued at $181,000 after buying an additional 271 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of recent research reports. Stephens restated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Wells Fargo & Company decreased their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Barclays cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Finally, Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average price target of $124.70.

Pinnacle Financial Partners Trading Down 0.3 %

PNFP opened at $90.04 on Friday. The company has a market cap of $6.97 billion, a P/E ratio of 15.06 and a beta of 0.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average is $107.69 and its 200-day moving average is $111.93. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The business 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 firm’s revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.68 EPS. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.07%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is currently 16.05%.

Insider Buying and Selling

In other news, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 in the last 90 days. Insiders own 1.46% of the company’s stock.

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.