Duncan Williams Asset Management LLC Trims Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Duncan Williams Asset Management LLC lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,443 shares of the financial services provider’s stock after selling 385 shares during the quarter. Duncan Williams Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $1,423,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PNFP. Hsbc Holdings PLC boosted its stake in shares of Pinnacle Financial Partners by 14.6% during the second quarter. Hsbc Holdings PLC now owns 4,818 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 613 shares in the last quarter. Intech Investment Management LLC bought a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $368,000. Evergreen Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners by 9.9% in the 2nd quarter. Evergreen Capital Management LLC now owns 2,664 shares of the financial services provider’s stock valued at $213,000 after acquiring an additional 240 shares during the period. Bank of Montreal Can raised its position in shares of Pinnacle Financial Partners by 2.4% in the 2nd quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider’s stock worth $734,000 after acquiring an additional 215 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth $1,226,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 3,610 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the completion of the transaction, the director now owns 139,489 shares of the company’s stock, valued at $17,585,378.23. This represents a 2.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 76,661 shares of company stock valued at $9,563,127. 1.87% of the stock is owned by company insiders.

Analyst Ratings Changes

PNFP has been the topic of several analyst reports. Stephens reiterated an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday. Hovde Group cut shares of 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 report on Monday, November 18th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. 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. Finally, Citigroup upped 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. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $123.28 on Friday. The company has a market capitalization of $9.52 billion, a P/E ratio of 20.62 and a beta of 1.09. The business’s 50-day moving average is $119.31 and its two-hundred day moving average is $105.53. 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 fifty-two week low of $73.62 and a fifty-two week 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 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 company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470,334.57 billion. During the same period last year, the business earned $1.68 earnings per share. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. Research analysts predict that Pinnacle Financial Partners, Inc. will post 7.56 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend is Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is currently 14.72%.

Pinnacle Financial Partners Company 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.