Boston Partners Sells 1,607 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Boston Partners reduced its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 84,577 shares of the financial services provider’s stock after selling 1,607 shares during the quarter. Boston Partners’ holdings in Pinnacle Financial Partners were worth $9,679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. FMR LLC lifted its stake in Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Geode Capital Management LLC raised its holdings in shares of 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 valued at $130,192,000 after purchasing an additional 8,604 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Pinnacle Financial Partners by 20.5% during the third 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 purchasing an additional 172,750 shares during the period. Principal Financial Group Inc. boosted its holdings in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after purchasing an additional 208,938 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position 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 worth $90,141,000 after purchasing an additional 9,856 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PNFP shares. Keefe, Bruyette & Woods reissued 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. Wells Fargo & Company raised their target price on 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. JPMorgan Chase & Co. reduced their price target on shares of 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. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Finally, UBS Group began 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 for the company. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and an average price target of $125.18.

Insider Buying and Selling

In other news, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 9,943 shares in the company, valued at $1,009,711.65. This represents a 23.18 % 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 corporate insiders.

Pinnacle Financial Partners Price Performance

NASDAQ PNFP opened at $105.53 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. 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 $8.16 billion, a price-to-earnings ratio of 17.65 and a beta of 1.09. The company’s 50 day moving average is $115.71 and its two-hundred day moving average is $111.59.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the previous year, the company earned $1.68 EPS. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a $0.24 dividend. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is 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.