Envestnet Portfolio Solutions Inc. Sells 396 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Envestnet Portfolio Solutions Inc. decreased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,336 shares of the financial services provider’s stock after selling 396 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Pinnacle Financial Partners were worth $1,068,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PNFP. Azora Capital LP bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth $64,326,000. Raymond James Financial Inc. bought a new position in shares of Pinnacle Financial Partners in the 4th quarter worth $44,737,000. FMR LLC increased its holdings in shares of Pinnacle Financial Partners by 11.6% in the 3rd 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 bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth $21,576,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after purchasing an additional 208,938 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.4 %

Shares of NASDAQ PNFP opened at $105.99 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The firm has a market capitalization of $8.20 billion, a PE ratio of 17.72 and a beta of 1.09. The firm has a fifty day simple moving average of $115.58 and a two-hundred day simple moving average of $111.73.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $470.33 million. During the same period in the prior year, the business earned $1.68 EPS. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. Equities 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 issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. 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 yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PNFP. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Stephens reaffirmed an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. cut 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 note on Tuesday, January 7th. UBS Group began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $125.18.

Insiders Place Their Bets

In related news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. The trade was a 0.78 % 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 worth $11,421,320. 1.46% of the stock is currently owned by corporate insiders.

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.