Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 67.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,421 shares of the financial services provider’s stock after selling 125,191 shares during the period. Victory Capital Management Inc.’s holdings in Pinnacle Financial Partners were worth $7,026,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $3,606,000. KBC Group NV increased its position in shares of Pinnacle Financial Partners by 1,054.3% in the 4th quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock valued at $3,057,000 after acquiring an additional 24,407 shares during the period. Artemis Investment Management LLP increased its position in shares of Pinnacle Financial Partners by 2.6% in the 4th quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after acquiring an additional 12,455 shares during the period. Geode Capital Management LLC increased its position in shares of Pinnacle Financial Partners by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after acquiring an additional 8,604 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Pinnacle Financial Partners by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock valued at $90,141,000 after acquiring an additional 9,856 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PNFP shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Wells Fargo & Company upped their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. JPMorgan Chase & Co. lowered 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. Citigroup upped their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Finally, Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $125.18.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now owns 40,991 shares in the company, valued at $5,185,361.50. The trade was a 49.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO M Terry Turner sold 2,000 shares of Pinnacle Financial Partners stock in a transaction dated 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 sale, the chief executive officer now owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 92,350 shares of company stock valued at $11,116,670 in the last 90 days. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $102.82 on Friday. The firm’s fifty day moving average price is $116.52 and its 200 day moving average price is $111.41. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. 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 $7.95 billion, a price-to-earnings ratio of 17.19 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Pinnacle Financial Partners’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period last year, the firm posted $1.68 EPS. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend was Friday, February 7th. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is 16.05%.

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.