Jennison Associates LLC Has $73.96 Million Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jennison Associates LLC lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 646,538 shares of the financial services provider’s stock after selling 46,643 shares during the period. Jennison Associates LLC owned 0.84% of Pinnacle Financial Partners worth $73,957,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Citadel Investment Advisory Inc. acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth about $218,000. Journey Strategic Wealth LLC bought a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $220,000. DAVENPORT & Co LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $322,000. Waldron Private Wealth LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $239,000. Finally, Caprock Group LLC grew its holdings in Pinnacle Financial Partners by 3.1% during the fourth quarter. Caprock Group LLC now owns 5,951 shares of the financial services provider’s stock valued at $681,000 after purchasing an additional 177 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the completion of the sale, the chairman now owns 123,000 shares in the company, valued at $15,263,070. This trade represents a 28.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,970 shares of company stock valued at $10,862,061. Corporate insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of a number of analyst reports. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target for the company. JPMorgan Chase & Co. dropped their price objective 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. Hovde Group cut Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research report on Monday, November 18th. Finally, Stephens reaffirmed an “overweight” rating and issued a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six investment 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 target price of $125.18.

Pinnacle Financial Partners Stock Down 2.3 %

Shares of PNFP stock opened at $121.84 on Tuesday. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year 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 stock has a fifty day moving average price of $119.48 and a 200 day moving average price of $106.98. The stock has a market cap of $9.41 billion, a P/E ratio of 20.37 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data 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 during 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%. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period last year, the firm earned $1.68 EPS. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 7th will be paid a $0.24 dividend. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 14.72%.

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.