JPMorgan Chase & Co. Cuts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

JPMorgan Chase & Co. lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 6.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 680,920 shares of the financial services provider's stock after selling 45,788 shares during the quarter. JPMorgan Chase & Co. owned 0.88% of Pinnacle Financial Partners worth $77,891,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. UMB Bank n.a. increased its holdings in 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 buying an additional 239 shares during the period. Principal Securities Inc. increased its stake in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after acquiring an additional 91 shares during the period. Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth $97,000. Values First Advisors Inc. lifted 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 purchasing an additional 955 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Pinnacle Financial Partners by 20.6% in the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock valued at $181,000 after purchasing an additional 271 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

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Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction 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 completion of the transaction, the director now owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,350 shares of company stock worth $11,421,320. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Down 0.3 %

Shares of PNFP traded down $0.23 during mid-day trading on Tuesday, reaching $87.23. The company's stock had a trading volume of 776,966 shares, compared to its average volume of 490,580. 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, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The stock has a market cap of $6.75 billion, a PE ratio of 14.59 and a beta of 0.94. The company's 50 day moving average is $110.15 and its 200 day moving average is $112.16.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate 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 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 firm posted $1.68 earnings per share. The firm's revenue was up 19.9% on a year-over-year basis. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Friday, February 7th. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio is currently 16.05%.

Wall Street Analyst Weigh In

PNFP has been the topic of several analyst reports. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 target price on the stock. Hovde Group cut their price objective on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a "market perform" rating for the company in a report on Wednesday, April 2nd. Wells Fargo & Company increased their target price 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. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. Finally, Citigroup boosted their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $122.91.

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.