Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Pier Capital LLC

Pier Capital LLC lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 78,490 shares of the financial services provider’s stock after selling 33,752 shares during the quarter. Pinnacle Financial Partners comprises about 1.3% of Pier Capital LLC’s investment portfolio, making the stock its 28th biggest position. Pier Capital LLC owned about 0.10% of Pinnacle Financial Partners worth $8,978,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Principal Securities Inc. boosted its stake in shares of Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 91 shares during the last quarter. Sage Mountain Advisors LLC lifted its holdings in Pinnacle Financial Partners by 0.3% in the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock valued at $4,141,000 after purchasing an additional 99 shares in the last quarter. First Horizon Advisors Inc. boosted its stake in shares of Pinnacle Financial Partners by 3.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock worth $389,000 after purchasing an additional 102 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Pinnacle Financial Partners by 5.6% during the fourth quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider’s stock worth $277,000 after buying an additional 129 shares in the last quarter. Finally, TBH Global Asset Management LLC raised its position in shares of Pinnacle Financial Partners by 2.6% in the fourth quarter. TBH Global Asset Management LLC now owns 5,850 shares of the financial services provider’s stock valued at $669,000 after buying an additional 149 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 over the last three months. 1.46% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price 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. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Citigroup lifted their price objective 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $109.82 on Tuesday. The company has a market cap of $8.50 billion, a price-to-earnings ratio of 18.36 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s 50-day moving average is $115.52 and its 200-day moving average is $111.93.

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 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 firm had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the previous year, the company posted $1.68 earnings per share. Pinnacle Financial Partners’s revenue was up 19.9% compared to the same quarter last year. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.87%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

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.