Vanguard Group Inc. Sells 405,029 Shares of Pinnacle Financial Partners, Inc. $PNFP

Vanguard Group Inc. reduced its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 5.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 7,001,628 shares of the company’s stock after selling 405,029 shares during the quarter. Vanguard Group Inc. owned about 0.09% of Pinnacle Financial Partners worth $668,025,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Profund Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 4.6% during the third quarter. Profund Advisors LLC now owns 2,895 shares of the company’s stock valued at $272,000 after purchasing an additional 127 shares during the last quarter. Diversified Trust Co. grew its stake in shares of Pinnacle Financial Partners by 0.3% during the fourth quarter. Diversified Trust Co. now owns 54,349 shares of the company’s stock valued at $5,185,000 after purchasing an additional 137 shares during the last quarter. Whittier Trust Co. grew its stake in shares of Pinnacle Financial Partners by 10.1% during the fourth quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock valued at $145,000 after purchasing an additional 140 shares during the last quarter. Stephens Inc. AR grew its stake in shares of Pinnacle Financial Partners by 7.3% during the third quarter. Stephens Inc. AR now owns 2,226 shares of the company’s stock valued at $209,000 after purchasing an additional 152 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 1.3% during the fourth quarter. Hunter Perkins Capital Management LLC now owns 12,850 shares of the company’s stock valued at $1,226,000 after purchasing an additional 165 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PNFP. TD Cowen decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Barclays decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. UBS Group increased their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Evercore reissued an “outperform” rating and set a $115.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $114.25.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, with a total value of $94,520.00. Following the completion of the purchase, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. The trade was a 2.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.1%

Shares of PNFP stock opened at $98.74 on Monday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 0.37 and a beta of 1.06. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.38 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 1st will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.74%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.