WMG Financial Advisors LLC Sells 100 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

WMG Financial Advisors LLC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,333 shares of the financial services provider’s stock after selling 100 shares during the quarter. WMG Financial Advisors LLC’s holdings in Pinnacle Financial Partners were worth $267,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. FMR LLC lifted its holdings in shares of Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after acquiring an additional 8,604 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Pinnacle Financial Partners by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Pinnacle Financial Partners by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after buying an additional 9,856 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Insider Activity

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares of the company’s stock, valued at approximately $9,446,230. This represents a 32.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 directly owns 92,565 shares of the company’s stock, valued at approximately $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 166,970 shares of company stock valued at $20,474,461 in the last ninety days. 1.87% of the stock is owned by insiders.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $111.68 on Tuesday. 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 firm has a market capitalization of $8.64 billion, a P/E ratio of 18.68 and a beta of 1.09. The business has a 50-day moving average of $118.49 and a 200-day moving average of $111.06. 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 announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company 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 prior year, the business posted $1.68 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a $0.24 dividend. The ex-dividend date was Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of research reports. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Citigroup raised their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Stephens restated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research note on Monday, November 18th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $125.18.

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.