Invesco Ltd. reduced its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,472,835 shares of the financial services provider's stock after selling 29,295 shares during the quarter. Invesco Ltd. owned 3.20% of Pinnacle Financial Partners worth $282,868,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Pinnacle Financial Partners by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after buying an additional 87,058 shares in the last quarter. FMR LLC boosted its stake in shares of Pinnacle Financial Partners by 10.6% during the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after acquiring an additional 286,894 shares in the last quarter. Wellington Management Group LLP boosted its position in Pinnacle Financial Partners by 16.5% during the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock worth $172,072,000 after purchasing an additional 213,505 shares during the period. Geode Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 0.7% in the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after purchasing an additional 8,604 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings 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 buying an additional 208,938 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on PNFP shares. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a report on Wednesday. Wells Fargo & Company lowered their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Stephens reissued an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. Finally, Barclays cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $123.80.
Read Our Latest Report on Pinnacle Financial Partners
Pinnacle Financial Partners Price Performance
NASDAQ PNFP traded up $0.50 on Wednesday, hitting $94.86. The stock had a trading volume of 247,194 shares, compared to its average volume of 504,067. The firm has a 50-day moving average of $106.39 and a 200-day moving average of $111.89. The company has a market capitalization of $7.34 billion, a price-to-earnings ratio of 15.86 and a beta of 0.94. 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, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.82 by $0.08. The business had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period in the previous year, the business earned $1.53 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.
Pinnacle Financial Partners Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.01%. Pinnacle Financial Partners's payout ratio is 16.05%.
Insider Activity
In related news, CEO M Terry Turner sold 2,000 shares of the firm's 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 of the company's stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction that occurred on 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 sale, the director now directly 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. In the last quarter, insiders have sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is currently owned by corporate insiders.
Pinnacle Financial Partners Company Profile
(
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.
Further Reading
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