T. Rowe Price Investment Management Inc. Sells 178,036 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

T. Rowe Price Investment Management Inc. trimmed its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,168,156 shares of the financial services provider’s stock after selling 178,036 shares during the period. T. Rowe Price Investment Management Inc. owned about 5.40% of Pinnacle Financial Partners worth $476,796,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. UMB Bank n.a. boosted its stake in 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 purchasing an additional 239 shares during the last quarter. Principal Securities Inc. lifted its holdings 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 purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $97,000. Values First Advisors Inc. grew its holdings in Pinnacle Financial Partners by 189.9% during the fourth quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock worth $167,000 after buying an additional 955 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings 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. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of the 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 sale, the director now owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners 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 completion of the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, 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 ninety days, insiders sold 95,350 shares of company stock valued at $11,421,320. Company insiders own 1.46% of the company’s stock.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of analyst reports. Keefe, Bruyette & Woods cut 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 report on Thursday, April 17th. Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price objective for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Citigroup boosted their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Finally, Barclays decreased their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average target price of $119.50.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $96.99 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $7.50 billion, a PE ratio of 16.22 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. The stock’s fifty day moving average price is $103.73 and its two-hundred day moving average price is $111.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million for the quarter, compared to analysts’ expectations of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same period in the previous year, the business posted $1.53 EPS. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s payout ratio is currently 15.53%.

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.