PNC Financial Services Group Inc. Lowers Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

PNC Financial Services Group Inc. trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 5,898 shares of the financial services provider’s stock after selling 111 shares during the period. PNC Financial Services Group Inc.’s holdings in Pinnacle Financial Partners were worth $675,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PNFP. Brooklyn Investment Group purchased a new position in Pinnacle Financial Partners in the third quarter worth approximately $70,000. UMB Bank n.a. grew its position in Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 239 shares during the period. Principal Securities Inc. grew its position in Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the period. Trust Co. of Vermont purchased a new position in Pinnacle Financial Partners in the fourth quarter worth approximately $97,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in Pinnacle Financial Partners in the third quarter worth approximately $137,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on PNFP shares. JPMorgan Chase & Co. decreased their price target 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. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. UBS Group started coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Stephens restated an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $125.18.

Insider Activity at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 40,000 shares of the stock in a transaction on 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 owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now directly owns 254,552 shares in the company, valued at $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 over the last quarter. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Stock Up 0.7 %

Shares of NASDAQ PNFP opened at $104.51 on Wednesday. The stock has a market cap of $8.09 billion, a P/E ratio of 17.48 and a beta of 1.09. 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 business’s fifty day simple moving average is $116.09 and its 200-day simple moving average is $111.67.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company’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 earnings per share. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.92%. The ex-dividend date was Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

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.