Peregrine Capital Management LLC lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 83.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,466 shares of the financial services provider's stock after selling 73,512 shares during the quarter. Peregrine Capital Management LLC's holdings in Pinnacle Financial Partners were worth $1,655,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $30,000. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $49,000. Brooklyn Investment Group purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $70,000. UMB Bank n.a. boosted its holdings in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after purchasing an additional 239 shares during the period. Finally, Principal Securities Inc. boosted its holdings in shares of Pinnacle Financial Partners by 12.7% in 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. Hedge funds and other institutional investors own 87.40% of the company's stock.
Insider Buying and Selling at Pinnacle Financial Partners
In other news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the company's stock in a transaction dated 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 sale, the chairman now owns 123,000 shares in the company, valued at $15,263,070. This represents a 28.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares of the company's stock, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 126,970 shares of company stock worth $15,922,061. 1.87% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on PNFP. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a report on Thursday, January 23rd. JPMorgan Chase & Co. dropped their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a report on Tuesday, January 7th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup boosted their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Finally, UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 price objective for the company. Six research 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 company presently has a consensus rating of "Hold" and a consensus price target of $125.18.
Get Our Latest Analysis on PNFP
Pinnacle Financial Partners Stock Down 3.4 %
Shares of PNFP traded down $4.07 during trading hours on Friday, hitting $114.21. The company had a trading volume of 304,709 shares, compared to its average volume of 431,933. The company has a market capitalization of $8.82 billion, a PE ratio of 19.10 and a beta of 1.09. 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, Inc. has a one year low of $73.62 and a one year high of $131.91. The company's fifty day moving average price is $118.68 and its two-hundred day moving average price is $109.45.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $470.33 million. During the same period in the prior year, the company posted $1.68 EPS. The firm's quarterly revenue was up 19.9% compared to the same quarter last year. As a group, equities 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 company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.84%. The ex-dividend date of this dividend is Friday, February 7th. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is presently 16.05%.
About Pinnacle Financial Partners
(
Free Report)
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.
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