Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Great Lakes Advisors LLC

Great Lakes Advisors LLC cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 7,653 shares of the financial services provider’s stock after selling 1,172 shares during the quarter. Great Lakes Advisors LLC’s holdings in Pinnacle Financial Partners were worth $875,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Assetmark Inc. grew its holdings in shares of Pinnacle Financial Partners by 11.9% in the 3rd quarter. Assetmark Inc. now owns 1,653 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 176 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Pinnacle Financial Partners by 38.4% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,874 shares of the financial services provider’s stock worth $576,000 after acquiring an additional 1,631 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Pinnacle Financial Partners by 17.9% in the 3rd quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock worth $18,282,000 after acquiring an additional 28,327 shares during the last quarter. KBC Group NV grew its holdings in shares of Pinnacle Financial Partners by 16.4% in the 3rd quarter. KBC Group NV now owns 2,315 shares of the financial services provider’s stock worth $227,000 after acquiring an additional 326 shares during the last quarter. Finally, OneDigital Investment Advisors LLC grew its holdings in shares of Pinnacle Financial Partners by 1.3% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,646 shares of the financial services provider’s stock worth $651,000 after acquiring an additional 88 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was 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 of the company’s stock, valued at $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value 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 position. The disclosure for this sale can be found here. Insiders sold 92,350 shares of company stock valued at $11,116,670 over the last quarter. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP opened at $102.82 on Friday. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 17.19 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a fifty day moving average price of $116.52 and a 200 day moving average price of $111.51.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the previous year, the firm earned $1.68 earnings per share. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. 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. Shareholders of record on Friday, February 7th were given a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.93%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is currently 16.05%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PNFP shares. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Stephens reiterated an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $125.18.

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.