Vanguard Group Inc. Lowers Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Vanguard Group Inc. trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,175,193 shares of the financial services provider's stock after selling 25,193 shares during the quarter. Vanguard Group Inc. owned approximately 9.27% of Pinnacle Financial Partners worth $760,857,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $48,000. Kapitalo Investimentos Ltda purchased a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $78,000. UMB Bank n.a. raised its stake in Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 122 shares in the last quarter. GAMMA Investing LLC raised its stake in Pinnacle Financial Partners by 51.7% in the first 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 in the last quarter. Finally, Portside Wealth Group LLC purchased a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $210,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Down 1.3%

Shares of Pinnacle Financial Partners stock traded down $1.19 on Friday, hitting $92.23. The stock had a trading volume of 1,200,289 shares, compared to its average volume of 2,245,113. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The stock has a market cap of $7.15 billion, a price-to-earnings ratio of 12.23 and a beta of 1.03. The stock's 50-day simple moving average is $104.61 and its two-hundred day simple moving average is $106.05.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced 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. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The company had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. During the same quarter last year, the firm posted $1.63 earnings per share. The firm's revenue was up 15.1% on a year-over-year basis. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PNFP shares. Jefferies Financial Group reaffirmed a "hold" rating and issued a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group reiterated a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. JPMorgan Chase & Co. increased their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Barclays reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $114.80.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter purchased 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the purchase, the chief financial officer directly owned 105,050 shares of the company's stock, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company's stock, valued at $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. Insiders acquired 12,174 shares of company stock valued at $1,047,079 over the last quarter. 1.46% of the stock is owned by company insiders.

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.