Loomis Sayles & Co. L P Reduces Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Loomis Sayles & Co. L P lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 180,122 shares of the financial services provider's stock after selling 2,665 shares during the period. Loomis Sayles & Co. L P owned 0.23% of Pinnacle Financial Partners worth $20,604,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Azora Capital LP bought a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $64,326,000. Raymond James Financial Inc. bought a new stake in Pinnacle Financial Partners in the fourth quarter worth $44,737,000. FMR LLC lifted its position in Pinnacle Financial Partners by 11.6% in the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Holocene Advisors LP bought a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $21,576,000. Finally, Principal Financial Group Inc. increased its stake 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 worth $96,332,000 after buying an additional 208,938 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the transaction, the director now directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David B. Ingram sold 40,000 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 in the last ninety days. 1.46% of the stock is owned by company insiders.

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Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded up $1.09 during mid-day trading on Wednesday, reaching $105.84. The stock had a trading volume of 84,623 shares, compared to its average volume of 482,346. The company has a market cap of $8.19 billion, a P/E ratio of 17.70 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The business's 50 day moving average price is $114.04 and its 200 day moving average price is $112.53. 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 (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data 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 net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. During the same period last year, the company posted $1.68 EPS. The business's revenue was up 19.9% on a year-over-year basis. Research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. Pinnacle Financial Partners's payout ratio is 16.05%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PNFP shares. Barclays upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Hovde Group lowered their price objective on Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating for the company in a research report on Wednesday. Citigroup boosted 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. Finally, Wells Fargo & Company increased their price target on shares of 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 equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $123.82.

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.