William Blair Investment Management LLC Lowers Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

William Blair Investment Management LLC reduced its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 30.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 298,212 shares of the financial services provider's stock after selling 129,725 shares during the period. William Blair Investment Management LLC owned 0.39% of Pinnacle Financial Partners worth $34,112,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. FMR LLC grew its stake in Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider's stock worth $266,127,000 after buying an additional 282,016 shares in the last quarter. Geode Capital Management LLC increased its holdings in Pinnacle Financial Partners by 0.7% in 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. The Manufacturers Life Insurance Company increased its holdings in Pinnacle Financial Partners by 20.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider's stock valued at $99,443,000 after buying an additional 172,750 shares during the period. Principal Financial Group Inc. increased its holdings in 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 buying an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider's stock valued at $90,141,000 after buying an additional 9,856 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the company'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 sale, the director now directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,350 shares of company stock worth $11,421,320. 1.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Stephens reissued an "overweight" rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a "neutral" rating and a $133.00 target price on the stock. Wells Fargo & Company lifted their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 23rd. Finally, Barclays upgraded shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $125.18.

Pinnacle Financial Partners Stock Up 0.4 %

Shares of NASDAQ PNFP traded up $0.46 during trading on Friday, hitting $105.99. The stock had a trading volume of 1,096,896 shares, compared to its average volume of 463,385. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $8.20 billion, a PE ratio of 17.72 and a beta of 1.09. The firm has a fifty day moving average of $115.58 and a two-hundred day moving average of $111.64.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm's revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.68 earnings per share. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.91%. This is a positive change from Pinnacle Financial Partners's previous quarterly dividend of $0.22. Pinnacle Financial Partners's dividend payout ratio is presently 16.05%.

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.