Cresset Asset Management LLC Decreases Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Cresset Asset Management LLC decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 51.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,241 shares of the financial services provider's stock after selling 11,036 shares during the quarter. Cresset Asset Management LLC's holdings in Pinnacle Financial Partners were worth $1,172,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Crestline Management LP lifted its stake in Pinnacle Financial Partners by 85.4% during the fourth quarter. Crestline Management LP now owns 19,459 shares of the financial services provider's stock worth $2,226,000 after purchasing an additional 8,965 shares during the last quarter. Cetera Investment Advisers lifted its stake in Pinnacle Financial Partners by 25.6% during the fourth quarter. Cetera Investment Advisers now owns 12,290 shares of the financial services provider's stock worth $1,406,000 after purchasing an additional 2,502 shares during the last quarter. Cary Street Partners Financial LLC purchased a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $5,656,000. Azora Capital LP lifted its stake in Pinnacle Financial Partners by 39.2% during the fourth quarter. Azora Capital LP now owns 913,936 shares of the financial services provider's stock worth $104,545,000 after purchasing an additional 257,347 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its stake in Pinnacle Financial Partners by 82.5% during the fourth quarter. Baird Financial Group Inc. now owns 6,171 shares of the financial services provider's stock worth $706,000 after purchasing an additional 2,790 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Down 1.8%

NASDAQ:PNFP opened at $105.64 on Monday. The firm has a market cap of $8.17 billion, a P/E ratio of 17.67 and a beta of 1.00. 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 stock's 50 day simple moving average is $100.43 and its 200-day simple moving average is $112.18. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the prior year, the company posted $1.53 earnings per share. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is presently 15.53%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction 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 approximately $25,615,567.76. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the company's stock in a transaction on 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 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 position. The disclosure for this sale can be found here. Insiders have sold 45,041 shares of company stock valued at $5,062,386 over the last quarter. Company insiders own 1.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PNFP shares. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Stephens reiterated an "overweight" rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods reduced their price objective on 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. reduced their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $119.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.