Barclays PLC Sells 39,938 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Barclays PLC reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 23.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 127,900 shares of the financial services provider's stock after selling 39,938 shares during the quarter. Barclays PLC owned about 0.17% of Pinnacle Financial Partners worth $14,630,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $229,000. Principal Financial Group Inc. grew its position in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after buying an additional 208,938 shares in the last quarter. Oliver Luxxe Assets LLC increased its stake in Pinnacle Financial Partners by 19.7% in the 4th quarter. Oliver Luxxe Assets LLC now owns 46,667 shares of the financial services provider's stock worth $5,338,000 after acquiring an additional 7,691 shares during the last quarter. Wedmont Private Capital purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $224,000. Finally, Park Avenue Securities LLC grew its holdings in shares of Pinnacle Financial Partners by 25.7% during the fourth quarter. Park Avenue Securities LLC now owns 8,702 shares of the financial services provider's stock worth $995,000 after purchasing an additional 1,777 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on PNFP. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price on the stock in a research note on Wednesday, April 16th. Barclays lowered their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Stephens reiterated an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.50.

Insider Transactions at Pinnacle Financial Partners

In related news, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now owns 9,943 shares in the company, valued at $1,009,711.65. The trade was a 23.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,350 shares of company stock valued at $11,421,320. Insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Up 0.4 %

Shares of Pinnacle Financial Partners stock opened at $95.11 on Monday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year 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 company has a 50-day moving average of $104.70 and a 200 day moving average of $112.02. The firm has a market cap of $7.36 billion, a price-to-earnings ratio of 15.90 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period last year, the business earned $1.53 earnings per share. As a group, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is 15.53%.

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.

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