Thrivent Financial for Lutherans Trims Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Thrivent Financial for Lutherans lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,292 shares of the financial services provider's stock after selling 5,380 shares during the period. Thrivent Financial for Lutherans' holdings in Pinnacle Financial Partners were worth $3,922,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PNFP. Azora Capital LP bought a new position in shares of Pinnacle Financial Partners in the third quarter worth $64,326,000. Raymond James Financial Inc. purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $44,737,000. FMR LLC raised its stake in shares of Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock valued at $266,127,000 after acquiring an additional 282,016 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth approximately $21,576,000. Finally, Principal Financial Group Inc. boosted its holdings in 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 acquiring an additional 208,938 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Insider Activity

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the transaction, the director now owns 40,991 shares of the company's stock, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director now owns 9,943 shares of the company's stock, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. 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 ninety days. Corporate insiders own 1.46% of the company's stock.

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Pinnacle Financial Partners Stock Down 2.1 %

NASDAQ PNFP traded down $2.28 during mid-day trading on Friday, reaching $105.11. The stock had a trading volume of 84,043 shares, compared to its average volume of 473,807. The stock has a market cap of $8.13 billion, a PE ratio of 17.57 and a beta of 1.09. 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 1 year low of $73.62 and a 1 year high of $131.91. The company has a fifty day moving average price of $114.92 and a 200 day moving average price of $111.99.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million for 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 firm's quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the company posted $1.68 earnings per share. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 0.91%. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods reaffirmed 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. Wells Fargo & Company lifted their price objective on 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. Stephens restated an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. 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. Finally, Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a "buy" rating in a report on Tuesday, December 31st. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average 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.