HighPoint Advisor Group LLC Sells 609 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

HighPoint Advisor Group LLC lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 17.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,977 shares of the financial services provider’s stock after selling 609 shares during the quarter. HighPoint Advisor Group LLC’s holdings in Pinnacle Financial Partners were worth $367,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. raised its holdings in Pinnacle Financial Partners by 1.0% during the 4th quarter. Franklin Resources Inc. now owns 373,553 shares of the financial services provider’s stock valued at $42,731,000 after buying an additional 3,546 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Pinnacle Financial Partners by 16.5% during the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock valued at $172,072,000 after acquiring an additional 213,505 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Pinnacle Financial Partners by 13.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,786 shares of the financial services provider’s stock valued at $662,000 after acquiring an additional 688 shares during the last quarter. NBZ Investment Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $668,000. Finally, Pictet Asset Management Holding SA grew its stake in shares of Pinnacle Financial Partners by 10.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 11,510 shares of the financial services provider’s stock worth $1,317,000 after purchasing an additional 1,043 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $106.87 on Thursday. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. 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 company has a market capitalization of $8.27 billion, a P/E ratio of 17.87 and a beta of 0.94. The stock’s 50 day moving average is $113.74 and its 200 day moving average is $112.49.

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

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.90%. Pinnacle Financial Partners’s payout ratio is 16.05%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PNFP shares. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup lifted their target price on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, December 31st. Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, UBS Group started coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price objective for the company. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $123.82.

Insider Transactions at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 40,000 shares of the business’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO M Terry Turner sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at $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. Over the last 90 days, insiders have sold 95,350 shares of company stock worth $11,421,320. Corporate insiders own 1.46% of the company’s stock.

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.