Kennedy Capital Management LLC Decreases Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Kennedy Capital Management LLC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 10.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 127,168 shares of the financial services provider's stock after selling 14,442 shares during the period. Kennedy Capital Management LLC owned 0.16% of Pinnacle Financial Partners worth $14,547,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $101,798,000. Raymond James Financial Inc. bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $44,737,000. FMR LLC boosted its stake in Pinnacle Financial Partners by 10.6% in the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after purchasing an additional 286,894 shares during the period. Wellington Management Group LLP grew its holdings in Pinnacle Financial Partners by 16.5% in the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after buying an additional 213,505 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in 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. Institutional investors and hedge funds own 87.40% of the company's stock.

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Analysts Set New Price Targets

Several research firms recently commented on PNFP. Hovde Group decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating on the stock in a research note on Wednesday, April 2nd. UBS Group initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective for the company. Citigroup raised their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Stephens reiterated an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company reduced their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $124.70.

Insider Activity

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business's stock in a transaction on Monday, February 24th. The stock was 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 $9,446,230. The trade was a 32.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David B. Ingram sold 10,309 shares of the business's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the sale, the director now directly owns 82,256 shares in the company, valued at approximately $10,364,256. This represents a 11.14 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,350 shares of company stock worth $11,421,320. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Price Performance

PNFP traded down $0.29 during trading on Friday, hitting $90.04. 821,787 shares of the stock traded hands, compared to its average volume of 497,697. The business has a 50 day moving average price of $107.69 and a 200 day moving average price of $111.93. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 15.06 and a beta of 0.94.

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

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.07%. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio is 16.05%.

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.