Stieven Capital Advisors L.P. Reduces Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Stieven Capital Advisors L.P. decreased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 29.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,598 shares of the financial services provider's stock after selling 43,102 shares during the quarter. Pinnacle Financial Partners accounts for about 2.1% of Stieven Capital Advisors L.P.'s investment portfolio, making the stock its 23rd largest position. Stieven Capital Advisors L.P. owned approximately 0.13% of Pinnacle Financial Partners worth $11,622,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $30,000. Values First Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $49,000. Brooklyn Investment Group purchased a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $70,000. UMB Bank n.a. boosted its holdings in shares of Pinnacle Financial Partners by 48.1% in the fourth 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 last quarter. Finally, Trust Co. of Vermont purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $97,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Buying and Selling

In related news, Director David B. Ingram sold 20,000 shares of the business's stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now owns 92,565 shares in the company, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the business's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 126,970 shares of company stock worth $15,922,061. Insiders own 1.87% of the company's stock.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a report on Tuesday, January 7th. Hovde Group downgraded shares of Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an "equal weight" rating in a report on Thursday, January 23rd. Finally, Barclays raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $125.18.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded down $1.00 on Wednesday, hitting $120.91. 363,657 shares of the company traded hands, compared to its average volume of 478,606. The stock has a market capitalization of $9.34 billion, a P/E ratio of 20.22 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The business has a 50-day simple moving average of $118.66 and a 200 day simple moving average of $109.07.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm 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 company's revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.68 earnings per share. Research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.79%. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's payout ratio is currently 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.