Peregrine Capital Management LLC Sells 73,512 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Peregrine Capital Management LLC lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 83.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,466 shares of the financial services provider’s stock after selling 73,512 shares during the period. Peregrine Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $1,655,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Creative Planning raised its holdings in shares of Pinnacle Financial Partners by 9.4% during the third quarter. Creative Planning now owns 18,710 shares of the financial services provider’s stock valued at $1,833,000 after purchasing an additional 1,614 shares during the period. Blue Trust Inc. increased its position in Pinnacle Financial Partners by 10.6% in the 3rd quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock valued at $129,000 after buying an additional 126 shares in the last quarter. Raymond James & Associates raised its stake in Pinnacle Financial Partners by 2.5% during the 3rd quarter. Raymond James & Associates now owns 208,850 shares of the financial services provider’s stock worth $20,461,000 after buying an additional 5,134 shares during the period. Signaturefd LLC boosted its holdings in Pinnacle Financial Partners by 4.4% in the third quarter. Signaturefd LLC now owns 5,190 shares of the financial services provider’s stock worth $508,000 after acquiring an additional 218 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in Pinnacle Financial Partners by 9,804.4% in the third quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider’s stock valued at $3,542,000 after acquiring an additional 35,786 shares during the period. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 126,970 shares of company stock valued at $15,922,061. 1.87% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PNFP shares. Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Stephens reiterated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Citigroup upped their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price target (up previously 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 currently has a consensus rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Down 0.8 %

PNFP stock opened at $120.91 on Thursday. The stock has a market cap of $9.34 billion, a P/E ratio of 20.22 and a beta of 1.09. 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 simple moving average is $118.68 and its two-hundred day simple moving average is $109.39. 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 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. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same period in the previous year, the firm earned $1.68 EPS. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. Analysts expect 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 will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.79%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

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.