Pinnacle Financial Partners Inc Reduces Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Pinnacle Financial Partners Inc lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 14.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 604,373 shares of the financial services provider's stock after selling 103,406 shares during the period. Pinnacle Financial Partners comprises 1.3% of Pinnacle Financial Partners Inc's holdings, making the stock its 14th largest position. Pinnacle Financial Partners Inc owned approximately 0.78% of Pinnacle Financial Partners worth $64,088,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Pinnacle Financial Partners by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock valued at $823,652,000 after buying an additional 87,058 shares during the period. FMR LLC raised its stake in shares of Pinnacle Financial Partners by 10.6% during the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after purchasing an additional 286,894 shares during the period. North Reef Capital Management LP raised its stake in shares of Pinnacle Financial Partners by 57.1% during the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after purchasing an additional 705,000 shares during the period. Capital Research Global Investors raised its stake in shares of Pinnacle Financial Partners by 57.0% during the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after purchasing an additional 566,061 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after purchasing an additional 213,505 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP traded up $0.83 during midday trading on Friday, reaching $117.83. The stock had a trading volume of 381,903 shares, compared to its average volume of 511,535. The company's 50-day moving average is $107.34 and its 200 day moving average is $109.18. Pinnacle Financial Partners, Inc. has a 12-month low of $76.75 and a 12-month high of $131.91. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of 19.07 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. The firm had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. During the same period in the prior year, the business earned $1.53 EPS. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Analyst Ratings Changes

A number of analysts recently issued reports on PNFP shares. Citigroup boosted their price objective on Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company decreased their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective on the stock in a research note on Wednesday, April 16th. Barclays decreased their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods decreased their target price on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $122.36.

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.