Russell Investments Group Ltd. Reduces Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Russell Investments Group Ltd. reduced its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 12.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 59,536 shares of the financial services provider's stock after selling 8,443 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.08% of Pinnacle Financial Partners worth $6,810,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock worth $823,652,000 after buying an additional 87,058 shares during the last quarter. Wellington Management Group LLP grew its holdings in Pinnacle Financial Partners by 16.5% in the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after buying an additional 213,505 shares during the period. Geode Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 0.7% during 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 buying an additional 8,604 shares during the period. Principal Financial Group Inc. raised its stake in shares of Pinnacle Financial Partners by 27.0% in the 3rd 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 during the period. Finally, Norges Bank acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $101,798,000. Institutional investors and hedge funds own 87.40% of the company's stock.

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Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PNFP shares. Keefe, Bruyette & Woods cut their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday. Wells Fargo & Company dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.50.

Insiders Place Their Bets

In other news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the business's stock in a transaction dated 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 $1,009,711.65. The trade was a 23.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 in the last ninety days. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners Stock Up 0.4 %

Shares of NASDAQ:PNFP traded up $0.42 during mid-day trading on Thursday, reaching $95.17. 324,600 shares of the stock were exchanged, compared to its average volume of 507,113. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91. The stock's 50 day simple moving average is $105.81 and its 200-day simple moving average is $111.77. The company has a market cap of $7.36 billion, a P/E ratio of 15.92 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the previous year, the business posted $1.53 earnings per share. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's payout ratio is 16.05%.

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.