PNC Financial Services Group Inc. decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Free Report) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,898 shares of the financial services provider’s stock after selling 111 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Pinnacle Financial Partners were worth $675,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in PNFP. Azora Capital LP purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $64,326,000. Raymond James Financial Inc. purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $44,737,000. FMR LLC grew its holdings in shares of Pinnacle Financial Partners by 11.6% during the third quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock worth $266,127,000 after buying an additional 282,016 shares during the last quarter. Holocene Advisors LP purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth about $21,576,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after buying an additional 208,938 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.
Pinnacle Financial Partners Price Performance
PNFP stock opened at $104.51 on Wednesday. The firm has a 50 day moving average of $116.09 and a 200-day moving average of $111.67. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month 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 company has a market cap of $8.09 billion, a price-to-earnings ratio of 17.48 and a beta of 1.09.
Pinnacle Financial Partners (NASDAQ:PNFP – Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (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 company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same period last year, the firm earned $1.68 EPS. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, equities analysts expect 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. Stockholders 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 dividend yield of 0.92%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.
Insider Buying and Selling
In related news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on 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 directly owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 in the last ninety days. Insiders own 1.46% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on the company. UBS Group assumed coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective 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 raised their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Stephens restated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, Wells Fargo & Company raised their price objective on shares of 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. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and an average target price of $125.18.
View Our Latest Research Report on PNFP
Pinnacle Financial Partners Company Profile
(Free Report)
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.
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