Allspring Global Investments Holdings LLC Cuts Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 10.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 137,809 shares of the financial services provider's stock after selling 16,770 shares during the period. Allspring Global Investments Holdings LLC owned about 0.18% of Pinnacle Financial Partners worth $15,644,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $49,000. Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $70,000. UMB Bank n.a. grew its holdings in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after acquiring an additional 239 shares during the period. Finally, Trust Co. of Vermont acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $97,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 0.8 %

Shares of Pinnacle Financial Partners stock traded down $1.00 during trading hours on Wednesday, reaching $120.91. 363,657 shares of the company's stock were exchanged, compared to its average volume of 479,167. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The firm has a market capitalization of $9.34 billion, a price-to-earnings ratio of 20.22 and a beta of 1.09. The company has a fifty day moving average of $118.68 and a 200-day moving average of $109.39. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) 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 return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same quarter in the prior year, the company posted $1.68 EPS. The business's revenue for the quarter was up 19.9% compared to the same quarter last year. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.79%. The ex-dividend date of this dividend is Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio is currently 16.05%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research reports. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. 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. Finally, UBS Group started coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $125.18.

Insiders Place Their Bets

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction on 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 transaction, the chairman now directly owns 123,000 shares of the company's stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David B. Ingram sold 20,000 shares of the stock in a transaction on 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 in the company, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 126,970 shares of company stock valued at $15,922,061 in the last quarter. 1.87% of the stock is currently owned by company insiders.

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.