Horizon Investments LLC Has $118,000 Stake in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Horizon Investments LLC sharply cut its stake in Pinnacle Financial Partners by 94.2% in the fourth quarter, ending with 1,236 shares valued at about $118,000.
• Institutional ownership remains high at 87.4%, with several other hedge funds and major firms also adjusting positions in PNFP during recent quarters.
• Pinnacle Financial Partners posted better-than-expected earnings of $2.39 per share on revenue of $1.22 billion, while analysts currently rate the stock a Moderate Buy with an average target price of $114.25.

Horizon Investments LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 94.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,236 shares of the company's stock after selling 20,018 shares during the period. Horizon Investments LLC's holdings in Pinnacle Financial Partners were worth $118,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PNFP. Goldman Sachs Group Inc. boosted its stake in shares of Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company's stock valued at $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock valued at $504,000 after purchasing an additional 581 shares in the last quarter. Amundi boosted its stake in shares of Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company's stock valued at $513,000 after purchasing an additional 4,369 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at approximately $229,000. Finally, Cerity Partners LLC boosted its stake in shares of Pinnacle Financial Partners by 4.2% in the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company's stock valued at $2,877,000 after purchasing an additional 1,039 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of research analyst reports. TD Cowen reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. Wall Street Zen downgraded shares of Pinnacle Financial Partners from a "hold" rating to a "sell" rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft set a $116.00 price target on shares of Pinnacle Financial Partners and gave the company a "buy" rating in a research note on Wednesday, January 21st. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Finally, Barclays cut their target price on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $114.25.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $97.99 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The stock's 50 day moving average price is $90.44. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 0.37 and a beta of 1.06.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.33 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a $0.50 dividend. The ex-dividend date is Friday, May 1st. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners's payout ratio is currently 27.74%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the stock in a transaction dated Thursday, February 12th. The stock was bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the purchase, the chief financial officer directly owned 49,485 shares of the company's stock, valued at $4,677,322.20. The trade was a 2.06% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.