Barclays PLC Decreases Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Barclays PLC trimmed its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 23.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,900 shares of the financial services provider's stock after selling 39,938 shares during the quarter. Barclays PLC owned 0.17% of Pinnacle Financial Partners worth $14,630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in PNFP. Seeds Investor LLC acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at about $222,000. Sagespring Wealth Partners LLC acquired a new position in Pinnacle Financial Partners during the 4th quarter valued at approximately $2,161,000. Next Century Growth Investors LLC purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $9,461,000. Treasurer of the State of North Carolina lifted its stake in shares of Pinnacle Financial Partners by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 33,321 shares of the financial services provider's stock worth $3,812,000 after buying an additional 210 shares during the period. Finally, Legacy Financial Advisors Inc. grew its holdings in shares of Pinnacle Financial Partners by 5.3% during the fourth quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider's stock valued at $276,000 after buying an additional 122 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

PNFP stock traded up $0.51 during midday trading on Friday, hitting $100.86. 93,865 shares of the stock traded hands, compared to its average volume of 561,445. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The stock's fifty day simple moving average is $102.89 and its 200-day simple moving average is $111.84. The firm has a market cap of $7.80 billion, a P/E ratio of 16.87 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period last year, the firm earned $1.53 EPS. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PNFP shares. Citigroup lifted their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a research report on Tuesday, December 31st. Stephens reaffirmed an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Wells Fargo & Company cut their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of "Moderate Buy" and a consensus target price of $119.50.

Insider Buying and Selling

In other news, Director David B. Ingram sold 40,000 shares of the firm's stock in a transaction that occurred 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 in the company, valued at $5,185,361.50. This trade represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO M Terry Turner sold 2,000 shares of the business's 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 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 disclosure for this sale can be found here. In the last three months, insiders have sold 95,350 shares of company stock worth $11,421,320. Insiders own 1.46% of the company's stock.

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.