Channing Capital Management LLC Cuts Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Channing Capital Management LLC cut its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 16.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 769,634 shares of the financial services provider's stock after selling 149,498 shares during the quarter. Pinnacle Financial Partners accounts for approximately 2.3% of Channing Capital Management LLC's holdings, making the stock its 11th biggest position. Channing Capital Management LLC owned approximately 1.00% of Pinnacle Financial Partners worth $88,038,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNFP. CWA Asset Management Group LLC purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $203,000. Assetmark Inc. lifted its position in Pinnacle Financial Partners by 11.9% in the third quarter. Assetmark Inc. now owns 1,653 shares of the financial services provider's stock valued at $162,000 after purchasing an additional 176 shares during the period. Atria Investments Inc lifted its position in Pinnacle Financial Partners by 4.4% in the third quarter. Atria Investments Inc now owns 45,876 shares of the financial services provider's stock valued at $4,494,000 after purchasing an additional 1,925 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in Pinnacle Financial Partners by 38.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,874 shares of the financial services provider's stock valued at $576,000 after purchasing an additional 1,631 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $30,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded up $2.79 during mid-day trading on Friday, hitting $102.82. 561,019 shares of the company's stock traded hands, compared to its average volume of 461,917. 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 $7.95 billion, a PE ratio of 17.19 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. The firm's 50 day simple moving average is $116.77 and its 200 day simple moving average is $111.38.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners's quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.68 EPS. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared 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 boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now owns 40,991 shares of the company's stock, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 92,350 shares of company stock worth $11,116,670 over the last ninety days. 1.46% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target for the company. in a report on Monday, November 18th. Stephens reissued an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Barclays raised shares of 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 research note on Thursday, December 19th. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective for the company. Finally, Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Thursday, January 23rd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $125.18.

About Pinnacle Financial Partners

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.