Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Position Reduced by Legal & General Group Plc

Legal & General Group Plc lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 117,799 shares of the financial services provider's stock after selling 9,927 shares during the period. Legal & General Group Plc owned approximately 0.15% of Pinnacle Financial Partners worth $13,475,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNFP. UMB Bank n.a. boosted its stake in Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after buying an additional 239 shares during the period. Principal Securities Inc. boosted its position in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after purchasing an additional 91 shares during the period. Trust Co. of Vermont acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $97,000. Values First Advisors Inc. raised its position in Pinnacle Financial Partners by 189.9% in the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after purchasing an additional 955 shares during the period. Finally, Blue Trust Inc. lifted its stake in Pinnacle Financial Partners by 20.6% during the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock worth $181,000 after purchasing an additional 271 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on PNFP. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Citigroup raised their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $119.50.

Insider Activity

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the company'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 completion of the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock valued at $11,421,320 in the last ninety days. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Price Performance

PNFP traded down $1.77 during trading on Monday, reaching $93.35. 23,364 shares of the stock were exchanged, compared to its average volume of 506,106. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of 15.63 and a beta of 0.94. The business's 50 day moving average price is $104.70 and its two-hundred day moving average price is $112.02. 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 (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. The company 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 firm posted $1.53 earnings per share. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share 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. Shareholders of record on Friday, May 2nd will be issued a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.03%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 15.53%.

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.