Phocas Financial Corp. Lowers Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Phocas Financial Corp. trimmed its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 85.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,070 shares of the financial services provider's stock after selling 62,780 shares during the period. Phocas Financial Corp.'s holdings in Pinnacle Financial Partners were worth $1,266,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PNFP. Azora Capital LP purchased a new position in Pinnacle Financial Partners during the third quarter valued at $64,326,000. FMR LLC raised its position in shares of 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 buying an additional 282,016 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $21,576,000. Principal Financial Group Inc. raised its position 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 valued at $96,332,000 after buying an additional 208,938 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Pinnacle Financial Partners by 212.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider's stock valued at $28,580,000 after buying an additional 198,246 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

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Pinnacle Financial Partners Trading Up 1.1 %

Pinnacle Financial Partners stock traded up $1.19 during midday trading on Friday, hitting $114.26. 428,383 shares of the stock were exchanged, compared to its average volume of 465,615. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of 19.11 and a beta of 1.09. The stock's 50-day simple moving average is $118.53 and its 200 day simple moving average is $110.59. 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 announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners's revenue was up 19.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.68 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were 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 was Friday, February 7th. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.05%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares of the company's stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the transaction, the chairman now directly owns 83,000 shares of the company's stock, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 166,970 shares of company stock valued at $20,474,461 over the last 90 days. 1.87% of the stock is owned by company insiders.

Analysts Set New Price Targets

PNFP has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Hovde Group cut shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Citigroup increased their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $125.18.

Pinnacle Financial Partners 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.