WMG Financial Advisors LLC Sells 100 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

WMG Financial Advisors LLC lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% in the fourth quarter, HoldingsChannel reports. The fund owned 2,333 shares of the financial services provider’s stock after selling 100 shares during the period. WMG Financial Advisors LLC’s holdings in Pinnacle Financial Partners were worth $267,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of PNFP. State of Alaska Department of Revenue boosted its position in Pinnacle Financial Partners by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider’s stock worth $871,000 after acquiring an additional 600 shares during the last quarter. US Bancorp DE boosted its position in Pinnacle Financial Partners by 14.9% during the 3rd quarter. US Bancorp DE now owns 8,100 shares of the financial services provider’s stock worth $794,000 after acquiring an additional 1,049 shares during the last quarter. Forum Financial Management LP acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $218,000. Jackson Square Capital LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth approximately $284,000. Finally, Principal Financial Group Inc. boosted its position in Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 2.3 %

PNFP opened at $111.68 on Tuesday. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The stock’s fifty day simple moving average is $118.49 and its 200 day simple moving average is $111.06. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a market cap of $8.64 billion, a PE ratio of 18.68 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the prior year, the business earned $1.68 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.86%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 16.05%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PNFP shares. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Stephens reissued an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. UBS Group began coverage on Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $125.18.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the transaction, the director now owns 92,565 shares in the company, valued at $11,665,041.30. This trade represents a 17.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the transaction, the chief financial officer now owns 60,805 shares in the company, valued at $7,635,283.85. The trade was a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 166,970 shares of company stock worth $20,474,461 in the last 90 days. Company insiders own 1.87% of the company’s stock.

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.