GW&K Investment Management LLC Sells 30,582 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

GW&K Investment Management LLC cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 3.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 903,628 shares of the financial services provider's stock after selling 30,582 shares during the quarter. Pinnacle Financial Partners comprises about 0.7% of GW&K Investment Management LLC's investment portfolio, making the stock its 24th biggest holding. GW&K Investment Management LLC owned 1.18% of Pinnacle Financial Partners worth $78,814,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNFP. Norges Bank bought a new stake in Pinnacle Financial Partners in the fourth quarter worth about $83,461,000. Wellington Management Group LLP lifted its stake in Pinnacle Financial Partners by 102.7% during the third quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider's stock valued at $125,394,000 after buying an additional 947,704 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Pinnacle Financial Partners by 185.5% during the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider's stock valued at $70,486,000 after buying an additional 525,101 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Pinnacle Financial Partners by 14.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider's stock valued at $230,951,000 after buying an additional 334,502 shares in the last quarter. Finally, Earnest Partners LLC lifted its stake in Pinnacle Financial Partners by 35.9% during the third quarter. Earnest Partners LLC now owns 634,109 shares of the financial services provider's stock valued at $42,511,000 after buying an additional 167,527 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Stephens reissued an "overweight" rating and issued a $109.00 price target on shares of Pinnacle Financial Partners in a research report on Tuesday, April 23rd. Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a "hold" rating for the company in a research report on Monday, April 8th. Barclays started coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They issued an "equal weight" rating and a $93.00 price objective on the stock. Hovde Group dropped their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an "outperform" rating on the stock in a report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $110.00 to $108.00 and set an "overweight" rating on the stock in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Hold" and a consensus price target of $95.50.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 72,000 shares of the firm's stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the transaction, the chief executive officer now directly owns 222,790 shares of the company's stock, valued at $18,039,306.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the transaction, the chairman now directly owns 153,062 shares of the company's stock, valued at $12,404,144.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO M Terry Turner sold 72,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the transaction, the chief executive officer now directly owns 222,790 shares of the company's stock, valued at $18,039,306.30. The disclosure for this sale can be found here. Insiders sold a total of 235,093 shares of company stock valued at $19,103,353 over the last ninety days. 1.87% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $0.23 during midday trading on Monday, hitting $82.80. The company had a trading volume of 344,146 shares, compared to its average volume of 455,130. The business's 50 day simple moving average is $81.89 and its two-hundred day simple moving average is $81.40. The stock has a market cap of $6.39 billion, a PE ratio of 11.85 and a beta of 1.09. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $47.61 and a 1-year high of $92.33.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.01. The business had revenue of $428.14 million for the quarter, compared to the consensus estimate of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.75 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a $0.22 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.06%. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 12.59%.

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.