GW&K Investment Management LLC Has $87.07 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

GW&K Investment Management LLC reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 17.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 761,203 shares of the financial services provider's stock after selling 161,411 shares during the period. Pinnacle Financial Partners comprises approximately 0.7% of GW&K Investment Management LLC's holdings, making the stock its 22nd largest position. GW&K Investment Management LLC owned approximately 0.99% of Pinnacle Financial Partners worth $87,074,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC raised its position in Pinnacle Financial Partners by 9,804.4% during the third quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider's stock valued at $3,542,000 after buying an additional 35,786 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Pinnacle Financial Partners by 15.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider's stock valued at $1,908,000 after acquiring an additional 2,552 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Pinnacle Financial Partners by 7.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider's stock valued at $871,000 after purchasing an additional 600 shares during the period. Strategic Blueprint LLC lifted its position in shares of Pinnacle Financial Partners by 3.4% in the third quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider's stock worth $394,000 after purchasing an additional 133 shares in the last quarter. Finally, Sippican Capital Advisors boosted its holdings in shares of Pinnacle Financial Partners by 10.6% during the third quarter. Sippican Capital Advisors now owns 9,215 shares of the financial services provider's stock worth $903,000 after purchasing an additional 880 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

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Analyst Ratings Changes

Several research firms have weighed in on PNFP. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research note on Thursday, January 23rd. Hovde Group downgraded shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. UBS Group began coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 target price on the stock. Finally, Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research note on Tuesday, December 31st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $125.18.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $4.42 on Tuesday, reaching $107.26. The stock had a trading volume of 368,384 shares, compared to its average volume of 458,294. 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 business's 50-day moving average price is $118.49 and its two-hundred day moving average price is $111.06. The stock has a market cap of $8.30 billion, a P/E ratio of 17.94 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

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

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a dividend of $0.24 per share. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. Pinnacle Financial Partners's payout ratio is presently 16.05%.

Insider Buying and Selling

In other news, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the completion of the transaction, the director now owns 92,565 shares in the company, valued at approximately $11,665,041.30. This represents a 17.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the sale, the chairman now owns 83,000 shares in the company, valued at approximately $9,446,230. This trade represents a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 166,970 shares of company stock valued at $20,474,461 over the last three months. 1.87% of the stock is owned by corporate insiders.

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.