Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Holdings Trimmed by Penn Capital Management Company LLC

Penn Capital Management Company LLC lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 63.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,215 shares of the financial services provider's stock after selling 122,291 shares during the quarter. Penn Capital Management Company LLC owned 0.09% of Pinnacle Financial Partners worth $8,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. grew its stake in shares of Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after acquiring an additional 239 shares during the period. Principal Securities Inc. lifted its holdings in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after acquiring an additional 91 shares during the period. Trust Co. of Vermont purchased a new position in Pinnacle Financial Partners in the fourth quarter worth about $97,000. Values First Advisors Inc. grew its position in Pinnacle Financial Partners by 189.9% during the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after buying an additional 955 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Pinnacle Financial Partners by 20.6% during the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock valued at $181,000 after acquiring an additional 271 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the transaction, the director now directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the transaction, the director now directly owns 40,991 shares of the company's stock, 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 over the last 90 days. 1.46% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PNFP. Stephens reiterated an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Hovde Group raised Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a research note on Wednesday, April 16th. Citigroup lifted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Keefe, Bruyette & Woods cut their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average price target of $119.50.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $0.06 on Monday, reaching $100.22. 383,179 shares of the stock were exchanged, compared to its average volume of 502,150. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of 16.76 and a beta of 0.94. The business has a 50 day moving average price of $102.45 and a two-hundred day moving average price of $112.10.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same period in the previous year, the firm earned $1.53 EPS. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be paid a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.96%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 15.53%.

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.