Bank of New York Mellon Corp Reduces Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Bank of New York Mellon Corp reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 4.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 617,291 shares of the financial services provider's stock after selling 31,907 shares during the quarter. Bank of New York Mellon Corp owned about 0.80% of Pinnacle Financial Partners worth $70,612,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at approximately $30,000. Brooklyn Investment Group purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth $70,000. UMB Bank n.a. lifted its position in 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 acquiring an additional 239 shares during the period. Principal Securities Inc. grew its stake in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after purchasing an additional 91 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $97,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the sale, the director now owns 82,256 shares of the company's stock, valued at $10,364,256. The trade was a 11.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company's stock in a transaction 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 directly owns 83,000 shares of the company's stock, valued at $9,446,230. The trade was a 32.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,970 shares of company stock valued at $11,749,561 over the last quarter. 1.87% of the stock is currently owned by insiders.

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Analyst Ratings Changes

Several brokerages recently weighed in on PNFP. Barclays upgraded shares of 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 report on Thursday, December 19th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. UBS Group assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective for the company. Wells Fargo & Company raised their target price 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, JPMorgan Chase & Co. lowered their price objective 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 analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $125.18.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded up $0.40 during midday trading on Friday, reaching $106.47. 361,125 shares of the company's stock traded hands, compared to its average volume of 470,553. The company has a fifty day simple moving average of $118.04 and a two-hundred day simple moving average of $111.12. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The company has a market cap of $8.24 billion, a P/E ratio of 17.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company's revenue was up 19.9% compared to the same quarter last year. During the same period last year, the firm posted $1.68 earnings per share. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were paid a dividend of $0.24 per share. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.90%. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners's 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.