HighTower Advisors LLC Has $912,000 Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

HighTower Advisors LLC cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 12.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,973 shares of the financial services provider’s stock after selling 1,155 shares during the quarter. HighTower Advisors LLC’s holdings in Pinnacle Financial Partners were worth $912,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. KBC Group NV increased its position in Pinnacle Financial Partners by 1,054.3% during the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock worth $3,057,000 after acquiring an additional 24,407 shares during the period. Artemis Investment Management LLP grew its position in Pinnacle Financial Partners by 2.6% in the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock worth $55,213,000 after purchasing an additional 12,455 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Pinnacle Financial Partners by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock worth $130,192,000 after purchasing an additional 8,604 shares during the period. Beacon Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 101,563.6% during the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider’s stock valued at $2,558,000 after buying an additional 22,344 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after buying an additional 208,938 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 1.2 %

PNFP opened at $107.39 on Friday. The firm has a market cap of $8.31 billion, a price-to-earnings ratio of 17.96 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The firm’s 50-day simple moving average is $114.92 and its 200-day simple moving average is $111.99. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share 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 firm had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same period in the prior year, the firm earned $1.68 earnings per share. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.89%. 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 currently 16.05%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now directly owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PNFP has been the topic of several research reports. Citigroup boosted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. UBS Group initiated coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Finally, Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $125.18.

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.