Stieven Capital Advisors L.P. Reduces Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Stieven Capital Advisors L.P. decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 29.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 101,598 shares of the financial services provider’s stock after selling 43,102 shares during the quarter. Pinnacle Financial Partners accounts for approximately 2.1% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 23rd largest position. Stieven Capital Advisors L.P.’s holdings in Pinnacle Financial Partners were worth $11,622,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional 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 valued at about $30,000. Values First Advisors Inc. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $49,000. Brooklyn Investment Group bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $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. Finally, Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $97,000. 87.40% of the stock is owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares in the company, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Ingram sold 20,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 92,565 shares of the company’s stock, valued at approximately $11,665,041.30. This trade represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 126,970 shares of company stock valued at $15,922,061. 1.87% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNFP. JPMorgan Chase & Co. reduced their price objective on shares of 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. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens reaffirmed an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research report 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 report on Monday, November 18th. Finally, Citigroup lifted their price target 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 equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Trading Up 0.3 %

NASDAQ PNFP opened at $120.24 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. 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’s fifty day moving average price is $118.70 and its 200-day moving average price is $108.79. The stock has a market cap of $9.29 billion, a P/E ratio of 20.11 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 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.68 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.80%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 14.72%.

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.