Edge Capital Group LLC Sells 246 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Edge Capital Group LLC trimmed its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,843 shares of the financial services provider’s stock after selling 246 shares during the quarter. Edge Capital Group LLC’s holdings in Pinnacle Financial Partners were worth $554,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter worth $30,000. Brooklyn Investment Group bought a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth $70,000. UMB Bank n.a. increased its stake in shares of 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 buying an additional 239 shares during the period. Principal Securities Inc. raised its holdings in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 91 shares in the last quarter. Finally, Trust Co. of Vermont purchased a new stake in Pinnacle Financial Partners in the fourth quarter worth about $97,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 1.0 %

Shares of PNFP stock opened at $113.02 on Tuesday. The stock’s fifty day moving average price is $118.49 and its 200 day moving average price is $110.19. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a market cap of $8.73 billion, a price-to-earnings ratio of 18.90 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company’s revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.68 earnings per share. On average, research analysts expect 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 paid a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.85%. Pinnacle Financial Partners’s dividend payout ratio is presently 16.05%.

Insiders Place Their Bets

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total value of $6,204,500.00. Following the transaction, the chairman now owns 123,000 shares in the company, valued at approximately $15,263,070. This represents a 28.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on 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 owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 126,970 shares of company stock valued at $15,922,061. Insiders own 1.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Hovde Group downgraded shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price on the stock. in a research report on Monday, November 18th. Wells Fargo & Company lifted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Citigroup increased their target price 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. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six research 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, the stock presently has an average rating of “Hold” and an average price target of $125.18.

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.