Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Pier Capital LLC

Pier Capital LLC cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,490 shares of the financial services provider’s stock after selling 33,752 shares during the quarter. Pinnacle Financial Partners makes up approximately 1.3% of Pier Capital LLC’s holdings, making the stock its 28th largest holding. Pier Capital LLC’s holdings in Pinnacle Financial Partners were worth $8,978,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Modern Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $258,000. Woodmont Investment Counsel LLC grew its holdings in Pinnacle Financial Partners by 14.4% during the 4th quarter. Woodmont Investment Counsel LLC now owns 60,922 shares of the financial services provider’s stock worth $6,969,000 after acquiring an additional 7,651 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Pinnacle Financial Partners by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock worth $823,652,000 after purchasing an additional 87,058 shares during the last quarter. LPL Financial LLC raised its stake in shares of Pinnacle Financial Partners by 45.4% in the 4th quarter. LPL Financial LLC now owns 28,255 shares of the financial services provider’s stock valued at $3,232,000 after purchasing an additional 8,816 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $1,796,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 10,309 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners 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 transaction, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PNFP has been the subject of a number of research reports. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. 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 target price for the company. Wells Fargo & Company upped their price target 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. Citigroup raised their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $109.82 on Tuesday. The stock has a market cap of $8.50 billion, a P/E ratio of 18.36 and a beta of 1.09. The firm’s 50-day simple moving average is $115.52 and its 200 day simple moving average is $111.93. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results 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. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. Pinnacle Financial Partners’s revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 EPS. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.87%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is 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.