Charles Schwab Investment Management Inc. Sells 6,722 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Charles Schwab Investment Management Inc. decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 913,366 shares of the financial services provider's stock after selling 6,722 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.18% of Pinnacle Financial Partners worth $104,480,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $30,000. Brooklyn Investment Group purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $70,000. UMB Bank n.a. grew its stake 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 valued at $84,000 after purchasing an additional 239 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after acquiring an additional 91 shares during the period. Finally, Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $97,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares of the company's stock, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now directly owns 82,256 shares in the company, valued at $10,364,256. The trade was a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,309 shares of company stock worth $10,911,334. Corporate insiders own 1.87% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PNFP shares. Hovde Group downgraded Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective on the stock. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Finally, Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Down 6.8 %

NASDAQ PNFP traded down $7.20 on Monday, reaching $99.42. The company had a trading volume of 618,518 shares, compared to its average volume of 460,244. The company's fifty day moving average is $117.88 and its 200-day moving average is $111.48. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of 16.63 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 issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.80 by $0.10. The company had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners's quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.68 EPS. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.97%. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend 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.