T. Rowe Price Investment Management Inc. Sells 7,491 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• T. Rowe Price Investment Management Inc. sold 7,491 shares of Pinnacle Financial Partners, reducing its stake to approximately 5.38% valued at $441.19 million.
• Pinnacle Financial Partners announced a quarterly dividend of $0.24 per share, with an ex-dividend date of August 1st and an annual yield of 1.0%.
• The company's latest quarterly earnings reported an EPS of $2.00, exceeding expectations, with a strong revenue of $504.99 million, reflecting a year-over-year increase of 15.1%.

T. Rowe Price Investment Management Inc. trimmed its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,160,665 shares of the financial services provider's stock after selling 7,491 shares during the period. T. Rowe Price Investment Management Inc. owned about 5.38% of Pinnacle Financial Partners worth $441,197,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of 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 valued at $171,000 after purchasing an additional 551 shares during the period. Jefferies Financial Group Inc. bought a new position in shares of Pinnacle Financial Partners during the first quarter worth about $850,000. Golden State Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at approximately $48,000. M&T Bank Corp raised its position in Pinnacle Financial Partners by 9.0% in the 1st quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock valued at $868,000 after buying an additional 674 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Pinnacle Financial Partners by 3.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock valued at $14,892,000 after acquiring an additional 4,356 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter acquired 1,000 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director directly owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 12,174 shares of company stock worth $1,047,079. Company insiders own 1.46% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNFP. Hovde Group cut shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Keefe, Bruyette & Woods lowered their price target on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 13th. Citigroup cut their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Finally, UBS Group restated a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $114.80.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded up $3.80 during trading on Friday, hitting $96.19. 1,516,088 shares of the stock were exchanged, compared to its average volume of 2,123,961. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The company has a fifty day moving average price of $103.35 and a 200-day moving average price of $105.12. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of 12.76 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.Pinnacle Financial Partners's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the company posted $1.63 earnings per share. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners's payout ratio is presently 12.73%.

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.