Wasatch Advisors LP Decreases Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Wasatch Advisors LP cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 14.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,529,729 shares of the financial services provider's stock after selling 417,198 shares during the quarter. Pinnacle Financial Partners makes up approximately 1.4% of Wasatch Advisors LP's holdings, making the stock its 16th largest holding. Wasatch Advisors LP owned about 3.27% of Pinnacle Financial Partners worth $289,376,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. grew its position in shares of Pinnacle Financial Partners by 48.1% during the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock worth $84,000 after purchasing an additional 239 shares in the last quarter. Principal Securities Inc. raised its stake in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Trust Co. of Vermont acquired a new position in Pinnacle Financial Partners during the 4th quarter valued at approximately $97,000. Values First Advisors Inc. lifted its stake in Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after acquiring an additional 955 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Pinnacle Financial Partners by 20.6% in the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock valued at $181,000 after purchasing an additional 271 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. 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 on the stock in a research report on Thursday. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Stephens reissued an "overweight" rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Hovde Group raised 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 research note on Wednesday, April 16th. Finally, Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.50.

Insider Transactions at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the business'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 completion of the transaction, the director now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock worth $11,421,320 in the last quarter. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded down $1.01 during midday trading on Monday, reaching $94.10. The company's stock had a trading volume of 112,853 shares, compared to its average volume of 506,502. The stock has a market capitalization of $7.28 billion, a P/E ratio of 15.74 and a beta of 0.94. The firm has a 50 day moving average price of $104.70 and a 200-day moving average price of $112.02. 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.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million for the quarter, compared to the consensus estimate 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 last year, the firm posted $1.53 earnings per share. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 1.02%. Pinnacle Financial Partners's payout ratio is 15.53%.

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.