Victory Capital Management Inc. Sells 47,243 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Victory Capital Management Inc. significantly reduced its stake in Pinnacle Financial Partners by 76.9%, selling 47,243 shares during the 1st quarter, leaving it with only 14,178 shares valued at approximately $1.5 million.
• Research analysts have varying opinions on Pinnacle Financial Partners, with target price adjustments resulting in a new average target of $118.30 and a consensus rating of "Hold".
• Pinnacle Financial Partners announced a quarterly dividend of $0.24 per share, which will be paid on August 29th, representing an annual yield of 1.04%.

Victory Capital Management Inc. trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 76.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,178 shares of the financial services provider's stock after selling 47,243 shares during the period. Victory Capital Management Inc.'s holdings in Pinnacle Financial Partners were worth $1,503,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $48,000. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. UMB Bank n.a. raised its holdings in shares of Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after buying an additional 122 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after buying an additional 551 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $200,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Stephens dropped their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a report on Tuesday. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Barclays dropped their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday. UBS Group reissued a "neutral" rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Finally, Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of "Hold" and a consensus target price of $118.30.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter bought 1,000 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost 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. This trade represents a 0.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Stock Down 2.4%

Shares of Pinnacle Financial Partners stock traded down $2.12 during trading on Thursday, reaching $87.89. 2,888,831 shares of the company traded hands, compared to its average volume of 1,397,140. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a 50 day moving average price of $108.62 and a 200-day moving average price of $108.71. The firm has a market capitalization of $6.82 billion, a PE ratio of 11.66 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.63 earnings per share. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share 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. Stockholders of record on Friday, August 1st will be paid a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

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.