Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Intrust Bank NA

Intrust Bank NA lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 10,457 shares of the financial services provider’s stock after selling 411 shares during the quarter. Intrust Bank NA’s holdings in Pinnacle Financial Partners were worth $1,196,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Cerity Partners LLC boosted its holdings in shares of Pinnacle Financial Partners by 24.5% in the 3rd quarter. Cerity Partners LLC now owns 36,261 shares of the financial services provider’s stock valued at $3,552,000 after acquiring an additional 7,130 shares during the last quarter. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after buying an additional 282,016 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Pinnacle Financial Partners by 689.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 21,932 shares of the financial services provider’s stock worth $2,149,000 after purchasing an additional 19,153 shares in the last quarter. Townsquare Capital LLC grew its stake in shares of Pinnacle Financial Partners by 6.6% during the 3rd quarter. Townsquare Capital LLC now owns 9,350 shares of the financial services provider’s stock worth $916,000 after purchasing an additional 581 shares during the period. Finally, Glenmede Trust Co. NA purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at approximately $215,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Stephens reissued an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. decreased their target price on 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. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $125.18.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 10,309 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now directly owns 82,256 shares in the company, valued at $10,364,256. The trade was a 11.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s 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 sale, the chairman now owns 83,000 shares of the company’s stock, valued at $9,446,230. This represents a 32.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners Trading Down 2.2 %

Shares of PNFP stock opened at $105.06 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average is $114.63 and its two-hundred day moving average is $112.21. The firm has a market capitalization of $8.13 billion, a P/E ratio of 17.57 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $470.33 million. During the same period last year, the firm posted $1.68 earnings per share. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. Research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal 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 given a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This is a positive change 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 0.91%. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

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.