Victory Capital Management Inc. Has $7.03 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Victory Capital Management Inc. decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 67.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 61,421 shares of the financial services provider's stock after selling 125,191 shares during the period. Victory Capital Management Inc. owned 0.08% of Pinnacle Financial Partners worth $7,026,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PNFP. Assetmark Inc. boosted its position in Pinnacle Financial Partners by 11.9% during the third quarter. Assetmark Inc. now owns 1,653 shares of the financial services provider's stock valued at $162,000 after purchasing an additional 176 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in Pinnacle Financial Partners by 38.4% during the third quarter. Crossmark Global Holdings Inc. now owns 5,874 shares of the financial services provider's stock valued at $576,000 after purchasing an additional 1,631 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in Pinnacle Financial Partners during the third quarter valued at $30,000. KBC Group NV boosted its position in Pinnacle Financial Partners by 16.4% during the third quarter. KBC Group NV now owns 2,315 shares of the financial services provider's stock valued at $227,000 after purchasing an additional 326 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its position in Pinnacle Financial Partners by 1.3% during the third quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider's stock valued at $651,000 after purchasing an additional 88 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

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Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded up $0.72 during trading on Tuesday, reaching $104.51. The company's stock had a trading volume of 394,026 shares, compared to its average volume of 459,905. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The business's fifty day moving average price is $116.29 and its 200-day moving average price is $111.64. The firm has a market cap of $8.09 billion, a price-to-earnings ratio of 17.48 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted 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. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same period in the previous year, the company posted $1.68 earnings per share. The firm's revenue for the quarter was up 19.9% on a year-over-year basis. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.92%. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners's payout ratio is currently 16.05%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. 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. UBS Group started coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target for the company. Citigroup boosted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Hovde Group cut Pinnacle Financial Partners from an "outperform" rating to a "market perform" rating and set a $135.00 price target for the company. in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $125.18.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the transaction, the chairman now directly owns 83,000 shares in the company, valued at $9,446,230. The trade was a 32.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David B. Ingram sold 10,309 shares of the business's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $126.00, for a total value of $1,298,934.00. Following the transaction, the director now owns 82,256 shares in the company, valued at $10,364,256. This represents a 11.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 over the last three months. Company insiders own 1.46% of the company's stock.

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.