Alliancebernstein L.P. Cuts Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Alliancebernstein L.P. trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,245 shares of the financial services provider's stock after selling 7,471 shares during the quarter. Alliancebernstein L.P. owned 0.13% of Pinnacle Financial Partners worth $11,238,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. grew its position in shares of Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. raised its stake in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $97,000. Values First Advisors Inc. boosted its stake in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after purchasing an additional 955 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Pinnacle Financial Partners by 20.6% during the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock valued at $181,000 after purchasing an additional 271 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

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Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded down $0.29 during mid-day trading on Friday, reaching $90.04. 821,787 shares of the company's stock were exchanged, compared to its average volume of 497,697. The firm has a 50-day moving average price of $107.69 and a two-hundred day moving average price of $111.93. 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 firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 15.06 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS 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 business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the previous 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. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a $0.24 dividend. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners's payout ratio is currently 16.05%.

Insiders Place Their Bets

In related news, Director David B. Ingram sold 40,000 shares of the business's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 over the last quarter. 1.46% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PNFP shares. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday. Stephens reissued an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 target price for the company. Hovde Group dropped their price target on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 2nd. Finally, Barclays decreased their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $124.70.

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.