JPMorgan Chase & Co. Has $71.20 Million Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

JPMorgan Chase & Co. trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 726,708 shares of the financial services provider's stock after selling 16,315 shares during the period. JPMorgan Chase & Co. owned approximately 0.94% of Pinnacle Financial Partners worth $71,196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Principal Financial Group Inc. boosted its position in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock valued at $96,332,000 after acquiring an additional 208,938 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $229,000. Sanctuary Advisors LLC grew its position in Pinnacle Financial Partners by 585.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider's stock worth $2,691,000 after purchasing an additional 23,456 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 worth $130,192,000 after purchasing an additional 8,604 shares during the period. Finally, Barclays PLC raised its position in shares of Pinnacle Financial Partners by 117.0% during the third quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock valued at $16,442,000 after buying an additional 90,478 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The stock was sold at an average price of $124.09, for a total value of $6,204,500.00. Following the completion of the sale, the chairman now directly owns 123,000 shares of the company's stock, valued at approximately $15,263,070. This trade represents a 28.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Ingram sold 20,000 shares of the company's 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 transaction, the director now directly owns 92,565 shares in the company, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,661 shares of company stock valued at $9,563,127. Insiders own 1.87% of the company's stock.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $1.90 during trading on Friday, hitting $115.42. 378,473 shares of the stock traded hands, compared to its average volume of 358,037. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of 21.94 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The company has a 50 day simple moving average of $118.38 and a 200 day simple moving average of $101.13.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a net margin of 13.97% and a return on equity of 8.89%. The company had revenue of $810.11 million during the quarter, compared to analysts' expectations of $454.18 million. During the same quarter in the previous year, the company posted $1.79 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Friday, November 1st. Pinnacle Financial Partners's payout ratio is presently 16.73%.

Analyst Ratings Changes

Several equities analysts recently issued reports on PNFP shares. Barclays upgraded Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price objective on the stock. in a research report on Monday, November 18th. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Finally, Stephens increased their price objective on shares of Pinnacle Financial Partners from $108.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $119.73.

Pinnacle Financial Partners 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.