Provident Wealth Management LLC Lowers Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Provident Wealth Management LLC decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 21.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,165 shares of the financial services provider’s stock after selling 575 shares during the quarter. Provident Wealth Management LLC’s holdings in Pinnacle Financial Partners were worth $248,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PNFP. Ashton Thomas Securities LLC acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $30,000. Brooklyn Investment Group acquired a new position in Pinnacle Financial Partners in the third quarter valued at $70,000. UMB Bank n.a. grew 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 valued at $84,000 after acquiring an additional 239 shares during the period. Principal Securities Inc. increased its stake in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter worth about $97,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PNFP shares. Stephens reiterated an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price objective (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 raised their target price for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Finally, UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $125.18.

Pinnacle Financial Partners Price Performance

PNFP opened at $112.57 on Wednesday. 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, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a 50-day moving average of $118.49 and a 200-day moving average of $110.19. The company has a market capitalization of $8.70 billion, a P/E ratio of 18.82 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. During the same period in the previous year, the company earned $1.68 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.85%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Ingram sold 20,000 shares of the stock in a transaction that occurred 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 owns 92,565 shares in the company, valued at $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 126,970 shares of company stock valued at $15,922,061 over the last 90 days. 1.87% of the stock is owned by company insiders.

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.