Prudential Financial Inc. reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 48.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,663 shares of the financial services provider's stock after selling 5,414 shares during the quarter. Prudential Financial Inc.'s holdings in Pinnacle Financial Partners were worth $648,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Quantinno Capital Management LP raised its stake in Pinnacle Financial Partners by 41.5% during the 3rd quarter. Quantinno Capital Management LP now owns 17,842 shares of the financial services provider's stock worth $1,748,000 after buying an additional 5,236 shares during the period. Barclays PLC raised its position in Pinnacle Financial Partners by 117.0% in the 3rd quarter. Barclays PLC now owns 167,838 shares of the financial services provider's stock valued at $16,442,000 after buying an additional 90,478 shares during the last quarter. Geode Capital Management LLC lifted its stake in Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock valued at $130,192,000 after acquiring an additional 8,604 shares in the last quarter. Sanctuary Advisors LLC boosted its position in Pinnacle Financial Partners by 585.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 27,465 shares of the financial services provider's stock worth $2,691,000 after acquiring an additional 23,456 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $229,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Pinnacle Financial Partners
In related news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,350 shares of company stock valued at $11,421,320 in the last three months. 1.46% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several brokerages recently commented on PNFP. Hovde Group reduced their target price 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. UBS Group initiated coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price objective for the company. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday. Citigroup raised their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a research note on Tuesday, December 31st. Finally, Stephens reiterated an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Five 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, the stock has a consensus rating of "Moderate Buy" and an average target price of $124.70.
Get Our Latest Research Report on PNFP
Pinnacle Financial Partners Stock Performance
Shares of NASDAQ PNFP traded down $0.29 during midday trading on Friday, hitting $90.04. 821,787 shares of the company's stock were exchanged, compared to its average volume of 498,124. 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 $6.97 billion, a PE ratio of 15.06 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company's 50 day moving average price is $107.69 and its 200 day moving average price is $112.04.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released 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. The firm had revenue of $475.34 million during the quarter, compared to analysts' expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company's revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.68 earnings per share. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.
Pinnacle Financial Partners Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.07%. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio is 16.05%.
Pinnacle Financial Partners Profile
(
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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