First Trust Advisors LP Lowers Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

First Trust Advisors LP decreased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 23.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 118,925 shares of the financial services provider's stock after selling 35,614 shares during the quarter. First Trust Advisors LP owned approximately 0.15% of Pinnacle Financial Partners worth $13,604,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PNFP. UMB Bank n.a. lifted its stake in shares of Pinnacle Financial Partners by 48.1% during the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after buying an additional 239 shares in the last quarter. Principal Securities Inc. grew its position in shares of Pinnacle Financial Partners by 12.7% in the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. Trust Co. of Vermont bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at about $97,000. Values First Advisors Inc. lifted its stake in Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock worth $167,000 after purchasing an additional 955 shares in the last quarter. Finally, Blue Trust Inc. grew its position in Pinnacle Financial Partners by 20.6% during the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock worth $181,000 after buying an additional 271 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Buying and Selling

In related news, Director David B. Ingram sold 40,000 shares of the company's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO M Terry Turner sold 2,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares in the company, valued at approximately $25,615,567.76. This trade represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 85,041 shares of company stock valued at $10,122,386. Insiders own 1.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PNFP shares. JPMorgan Chase & Co. dropped their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Hovde Group upgraded shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 target price for the company in a report on Wednesday, April 16th. Finally, Barclays reduced their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $119.50.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded up $3.31 during trading hours on Friday, hitting $105.62. 102,827 shares of the stock traded hands, compared to its average volume of 499,363. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $101.21 and a 200 day moving average price of $111.98. The company has a market cap of $8.17 billion, a price-to-earnings ratio of 17.67 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same period last year, the firm posted $1.53 earnings per share. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.91%. Pinnacle Financial Partners's payout ratio is 15.53%.

Pinnacle Financial Partners 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.