OLD National Bancorp IN Lowers Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

OLD National Bancorp IN decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 51.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,141 shares of the financial services provider’s stock after selling 3,332 shares during the period. OLD National Bancorp IN’s holdings in Pinnacle Financial Partners were worth $274,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. CWM LLC boosted its holdings in shares of Pinnacle Financial Partners by 62.3% in the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 332 shares during the period. Criterion Capital Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $174,000. CapWealth Advisors LLC purchased a new stake in Pinnacle Financial Partners during the fourth quarter worth $203,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Pinnacle Financial Partners by 15.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,490 shares of the financial services provider’s stock worth $1,438,000 after buying an additional 2,194 shares during the period. Finally, Waldron Private Wealth LLC purchased a new stake in Pinnacle Financial Partners during the fourth quarter worth $238,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Pinnacle Financial Partners news, CEO M Terry Turner sold 24,057 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $1,977,966.54. Following the sale, the chief executive officer now directly owns 294,790 shares of the company’s stock, valued at $24,237,633.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Harold R. Carpenter sold 6,306 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total transaction of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at $5,250,240.32. The disclosure for this sale can be found here. Insiders have sold a total of 47,844 shares of company stock valued at $3,933,734 in the last ninety days. Company insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $81.53 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $82.28 and its 200-day simple moving average is $79.19. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $92.33. The company has a market cap of $6.28 billion, a PE ratio of 11.66 and a beta of 1.08.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is 12.59%.

Analyst Ratings Changes

A number of research firms have weighed in on PNFP. Hovde Group lowered their target price on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday. Jefferies Financial Group lowered their target price on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. UBS Group lowered their target price on Pinnacle Financial Partners from $91.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, January 18th. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Barclays assumed coverage on Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $95.50.

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.