First Bank & Trust Has $443,000 Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

First Bank & Trust lowered its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,869 shares of the financial services provider’s stock after selling 358 shares during the period. First Bank & Trust’s holdings in Pinnacle Financial Partners were worth $443,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PNFP. Creative Planning boosted its position in Pinnacle Financial Partners by 9.4% in the third quarter. Creative Planning now owns 18,710 shares of the financial services provider’s stock valued at $1,833,000 after buying an additional 1,614 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Pinnacle Financial Partners by 10.6% during the third quarter. Blue Trust Inc. now owns 1,315 shares of the financial services provider’s stock worth $129,000 after purchasing an additional 126 shares during the period. Raymond James & Associates lifted its holdings in shares of Pinnacle Financial Partners by 2.5% during the third quarter. Raymond James & Associates now owns 208,850 shares of the financial services provider’s stock worth $20,461,000 after purchasing an additional 5,134 shares during the period. Signaturefd LLC lifted its holdings in shares of Pinnacle Financial Partners by 4.4% during the third quarter. Signaturefd LLC now owns 5,190 shares of the financial services provider’s stock worth $508,000 after purchasing an additional 218 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 9,804.4% during the third quarter. International Assets Investment Management LLC now owns 36,151 shares of the financial services provider’s stock worth $3,542,000 after purchasing an additional 35,786 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $118.28 on Friday. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The firm has a fifty day simple moving average of $118.68 and a 200 day simple moving average of $109.45. The company has a market capitalization of $9.14 billion, a PE ratio of 19.78 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

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 the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same period in the previous year, the firm posted $1.68 earnings per share. The business’s revenue was up 19.9% compared to the same quarter last year. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is 16.05%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. UBS Group assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st. Finally, Hovde Group lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $125.18.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. The trade was a 4.78 % 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, Chairman Robert A. Mccabe, Jr. sold 50,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $124.09, for a total transaction of $6,204,500.00. Following the sale, the chairman now directly owns 123,000 shares of the company’s stock, valued at approximately $15,263,070. The trade was a 28.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 126,970 shares of company stock valued at $15,922,061. Corporate insiders own 1.87% 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.