Wasatch Advisors LP Has $289.38 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wasatch Advisors LP lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 14.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,529,729 shares of the financial services provider’s stock after selling 417,198 shares during the period. Pinnacle Financial Partners makes up 1.4% of Wasatch Advisors LP’s investment portfolio, making the stock its 16th biggest holding. Wasatch Advisors LP’s holdings in Pinnacle Financial Partners were worth $289,376,000 as of its most recent filing with the SEC.

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

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value 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 $25,615,567.76. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.3 %

NASDAQ:PNFP opened at $94.36 on Wednesday. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 15.78 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 stock has a 50-day moving average price of $106.39 and a two-hundred day moving average price of $111.89. 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 Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same period in the previous year, the firm earned $1.53 EPS. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.02%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of recent research reports. Wells Fargo & Company dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Citigroup increased their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective on the stock. Hovde Group cut their target price on Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $124.70.

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.