Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by IQ EQ FUND MANAGEMENT IRELAND Ltd

IQ EQ FUND MANAGEMENT IRELAND Ltd cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 21.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,254 shares of the financial services provider’s stock after selling 2,869 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Pinnacle Financial Partners were worth $1,173,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Brooklyn Investment Group bought a new stake in shares of Pinnacle Financial Partners in the third quarter worth $70,000. UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 239 shares during the last quarter. Principal Securities Inc. raised its stake in shares of Pinnacle Financial Partners by 12.7% in the 4th 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 position in shares of Pinnacle Financial Partners during the fourth quarter worth about $97,000. Finally, Northwest & Ethical Investments L.P. acquired a new position in Pinnacle Financial Partners in the third quarter worth about $137,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director David B. Ingram sold 40,000 shares of the stock in a transaction dated 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 transaction, the director now owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO M Terry Turner sold 2,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 254,552 shares in the company, valued at $25,615,567.76. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 over the last three months. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $107.39 on Friday. The firm has a market cap of $8.31 billion, a P/E ratio of 17.96 and a beta of 1.09. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91. The stock’s 50-day moving average is $114.92 and its two-hundred day moving average is $111.99.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.68 earnings per share. 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors 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 dividend on an annualized basis and a yield of 0.89%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on shares of 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. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $120.00 to $135.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Citigroup increased their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Finally, Stephens reissued an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $125.18.

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.