Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Choreo LLC

Choreo LLC lessened its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,116 shares of the financial services provider’s stock after selling 454 shares during the quarter. Choreo LLC’s holdings in Pinnacle Financial Partners were worth $1,610,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $30,000. UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 83.4% in the third quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 226 shares during the last quarter. Values First Advisors Inc. acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $49,000. Brooklyn Investment Group acquired a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $70,000. Finally, Trust Co. of Vermont acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $97,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

PNFP has been the subject of several recent analyst reports. Citigroup raised 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. Wells Fargo & Company raised their target price on Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. JPMorgan Chase & Co. cut their target price on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Stephens reissued an “overweight” rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Trading Down 1.9 %

PNFP opened at $123.76 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The business has a fifty day simple moving average of $119.16 and a 200-day simple moving average of $107.65. The firm has a market cap of $9.56 billion, a P/E ratio of 20.70 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 released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. Pinnacle Financial Partners’s revenue was up 19.9% compared to the same quarter last year. During the same period last year, the business posted $1.68 earnings per share. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, February 7th. This is a positive change 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 0.78%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 14.72%.

Insider Activity at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 3,610 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the transaction, the director now directly owns 139,489 shares in the company, valued at approximately $17,585,378.23. This trade represents a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This trade represents a 4.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,970 shares of company stock worth $10,862,061. Company insiders own 1.87% of the company’s stock.

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.