First Trust Advisors LP Sells 35,614 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

First Trust Advisors LP decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 23.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 118,925 shares of the financial services provider's stock after selling 35,614 shares during the quarter. First Trust Advisors LP owned about 0.15% of Pinnacle Financial Partners worth $13,604,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. UMB Bank n.a. grew its holdings in Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after purchasing an additional 239 shares during the period. Principal Securities Inc. boosted its position in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after purchasing an additional 91 shares in the last quarter. Trust Co. of Vermont acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $97,000. Values First Advisors Inc. increased its position in Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after buying an additional 955 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Pinnacle Financial Partners by 20.6% during the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock worth $181,000 after buying an additional 271 shares during the period. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $100.28 on Monday. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company's 50 day moving average price is $102.45 and its two-hundred day moving average price is $112.10. The stock has a market cap of $7.76 billion, a P/E ratio of 16.77 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted 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. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. During the same quarter in the previous year, the firm earned $1.53 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNFP shares. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Stephens restated an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Finally, Barclays lowered their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. 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, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the sale, the director now owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David B. Ingram sold 40,000 shares of the firm's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares of the company's stock, valued at approximately $5,185,361.50. This 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 over the last three months. 1.46% of the stock is currently owned by insiders.

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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