Sterling Capital Management LLC lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 48.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 55,843 shares of the financial services provider's stock after selling 53,077 shares during the quarter. Sterling Capital Management LLC owned 0.07% of Pinnacle Financial Partners worth $6,388,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. KBC Group NV boosted its holdings in shares of Pinnacle Financial Partners by 1,054.3% in the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider's stock valued at $3,057,000 after acquiring an additional 24,407 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in shares of Pinnacle Financial Partners by 2.6% in the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider's stock valued at $55,213,000 after buying an additional 12,455 shares during the period. Geode Capital Management LLC grew its holdings in Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider's stock worth $130,192,000 after acquiring an additional 8,604 shares during the period. Beacon Capital Management LLC increased its holdings in Pinnacle Financial Partners by 101,563.6% in the 4th quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider's stock worth $2,558,000 after acquiring an additional 22,344 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock worth $96,332,000 after acquiring an additional 208,938 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.
Pinnacle Financial Partners Stock Up 1.0 %
Shares of PNFP traded up $0.99 during mid-day trading on Thursday, reaching $95.74. The company's stock had a trading volume of 242,838 shares, compared to its average volume of 568,794. 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 $7.41 billion, a PE ratio of 16.01 and a beta of 0.94. The company's 50 day moving average is $105.81 and its 200 day moving average is $111.77.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.08. The business 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 quarter in the prior year, the business posted $1.53 EPS. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.
Pinnacle Financial Partners Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 1.00%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 16.05%.
Analyst Ratings Changes
Several research firms recently weighed in on PNFP. Keefe, Bruyette & Woods reduced their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday. Stephens restated an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday. Barclays reduced their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a report on Wednesday. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.50.
Get Our Latest Stock Analysis on PNFP
Insider Buying and Selling
In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 in the last 90 days. Company insiders own 1.46% of the company's stock.
About Pinnacle Financial Partners
(
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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