Envestnet Asset Management Inc. reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 6.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,532 shares of the financial services provider's stock after selling 15,799 shares during the quarter. Envestnet Asset Management Inc. owned 0.30% of Pinnacle Financial Partners worth $26,485,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. KBC Group NV grew its position in Pinnacle Financial Partners by 1,054.3% during the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider's stock worth $3,057,000 after purchasing an additional 24,407 shares during the period. Artemis Investment Management LLP increased its position in shares of Pinnacle Financial Partners by 2.6% during the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider's stock worth $55,213,000 after purchasing an additional 12,455 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after acquiring an additional 8,604 shares during the period. Beacon Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 101,563.6% during the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider's stock worth $2,558,000 after buying an additional 22,344 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after acquiring an additional 208,938 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.
Pinnacle Financial Partners Price Performance
PNFP stock traded up $0.39 during trading on Wednesday, hitting $94.75. 971,837 shares of the stock traded hands, compared to its average volume of 507,756. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The stock has a market cap of $7.33 billion, a price-to-earnings ratio of 15.84 and a beta of 0.94. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a 50 day simple moving average of $106.39 and a 200 day simple moving average of $111.89.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. The business had revenue of $475.37 million for 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 quarter last year, the firm earned $1.53 EPS. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is currently 16.05%.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on PNFP shares. UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price target on the stock. Citigroup boosted 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. Wells Fargo & Company decreased their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Stephens reissued an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, Barclays reduced their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $121.50.
Check Out Our Latest Stock Report on Pinnacle Financial Partners
Insiders Place Their Bets
In other news, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction, 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 have sold a total of 95,350 shares of company stock worth $11,421,320 in the last 90 days. Company insiders own 1.46% of the company's stock.
About Pinnacle Financial Partners
(
Free Report)
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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