Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by KBC Group NV

KBC Group NV decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 86.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,637 shares of the financial services provider's stock after selling 23,085 shares during the period. KBC Group NV's holdings in Pinnacle Financial Partners were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners in the 1st quarter worth $48,000. Kapitalo Investimentos Ltda purchased a new position in Pinnacle Financial Partners in the 4th quarter worth $78,000. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after acquiring an additional 122 shares during the last quarter. GAMMA Investing LLC raised its stake in Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after acquiring an additional 551 shares during the last quarter. Finally, Blair William & Co. IL purchased a new position in Pinnacle Financial Partners in the 4th quarter worth $200,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PNFP shares. Barclays reduced their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company reduced their price objective 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. Jefferies Financial Group initiated coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a "buy" rating and a $135.00 price objective for the company. 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. Finally, JPMorgan Chase & Co. lifted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of "Moderate Buy" and a consensus price target of $122.36.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded up $0.83 on Friday, hitting $117.83. 381,903 shares of the company were exchanged, compared to its average volume of 511,535. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 19.07 and a beta of 1.01. The company has a 50-day moving average price of $107.34 and a 200 day moving average price of $109.18. Pinnacle Financial Partners, Inc. has a 1-year low of $76.75 and a 1-year high of $131.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a net margin of 15.98% and a return on equity of 9.29%. During the same quarter in the previous year, the company earned $1.53 EPS. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.81%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners's payout ratio is presently 15.53%.

Pinnacle Financial Partners Company 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.