Intrust Bank NA Trims Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Intrust Bank NA lowered its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 10,457 shares of the financial services provider’s stock after selling 411 shares during the period. Intrust Bank NA’s holdings in Pinnacle Financial Partners were worth $1,196,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. NBZ Investment Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $668,000. Pictet Asset Management Holding SA boosted its position in Pinnacle Financial Partners by 10.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 11,510 shares of the financial services provider’s stock valued at $1,317,000 after buying an additional 1,043 shares during the period. Norges Bank acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $101,798,000. Blair William & Co. IL purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $200,000. Finally, Meiji Yasuda Asset Management Co Ltd. acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at $215,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity

In other news, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the 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 transaction, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,350 shares of company stock valued at $11,421,320. Company insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on PNFP. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Barclays upgraded shares of 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. Stephens reissued an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. cut their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $125.18.

Pinnacle Financial Partners Stock Down 2.2 %

PNFP stock opened at $105.06 on Friday. The company has a market cap of $8.13 billion, a price-to-earnings ratio of 17.57 and a beta of 1.09. The company has a fifty day moving average price of $114.63 and a 200 day moving average price of $112.21. 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) last announced its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS 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 business had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the prior year, the company earned $1.68 earnings per share. The business’s revenue was up 19.9% compared to the same quarter last year. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. This is a boost 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 (DPR) is presently 16.05%.

About Pinnacle Financial Partners

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.