Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Jennison Associates LLC

Jennison Associates LLC cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 646,538 shares of the financial services provider's stock after selling 46,643 shares during the period. Jennison Associates LLC owned about 0.84% of Pinnacle Financial Partners worth $73,957,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in Pinnacle Financial Partners during the third quarter worth approximately $30,000. UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider's stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. purchased a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $49,000. Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners in the third quarter worth $70,000. Finally, GAMMA Investing LLC boosted its stake in Pinnacle Financial Partners by 16.5% during the third quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider's stock worth $97,000 after buying an additional 141 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares of the company's stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David B. Ingram sold 3,610 shares of the business's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $126.07, for a total transaction of $455,112.70. Following the transaction, the director now owns 139,489 shares of the company's stock, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,970 shares of company stock valued at $10,862,061 over the last 90 days. Corporate insiders own 1.87% of the company's stock.

Pinnacle Financial Partners Stock Down 1.9 %

Shares of PNFP traded down $2.39 during midday trading on Friday, reaching $123.76. 315,371 shares of the stock were exchanged, compared to its average volume of 495,135. The company has a market capitalization of $9.56 billion, a P/E ratio of 20.70 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. 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 is $119.16 and its two-hundred day moving average is $107.65.

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, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million for the quarter, compared to analysts' expectations of $470.33 million. During the same period in the prior year, the business earned $1.68 EPS. The firm's quarterly revenue was up 19.9% on a year-over-year basis. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.78%. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date is Friday, February 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 14.72%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Stephens restated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. UBS Group started coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 23rd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of "Hold" and a consensus price target of $125.18.

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.