GW&K Investment Management LLC Lowers Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

GW&K Investment Management LLC trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 17.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 761,203 shares of the financial services provider’s stock after selling 161,411 shares during the quarter. Pinnacle Financial Partners accounts for approximately 0.7% of GW&K Investment Management LLC’s portfolio, making the stock its 22nd largest holding. GW&K Investment Management LLC owned about 0.99% of Pinnacle Financial Partners worth $87,074,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PNFP. International Assets Investment Management LLC lifted its position in 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 valued at $3,542,000 after buying an additional 35,786 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Pinnacle Financial Partners by 15.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,477 shares of the financial services provider’s stock valued at $1,908,000 after acquiring an additional 2,552 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of Pinnacle Financial Partners by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 8,892 shares of the financial services provider’s stock valued at $871,000 after acquiring an additional 600 shares in the last quarter. Strategic Blueprint LLC boosted its position in Pinnacle Financial Partners by 3.4% during the 3rd quarter. Strategic Blueprint LLC now owns 4,025 shares of the financial services provider’s stock worth $394,000 after purchasing an additional 133 shares during the period. Finally, Sippican Capital Advisors increased its holdings in Pinnacle Financial Partners by 10.6% in the 3rd quarter. Sippican Capital Advisors now owns 9,215 shares of the financial services provider’s stock valued at $903,000 after purchasing an additional 880 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup boosted their price objective 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. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research report on Monday, November 18th. UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price on the stock. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $120.00 to $135.00 in a report on Thursday, December 19th. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six research 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, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Price Performance

PNFP opened at $113.07 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a 50-day moving average of $118.45 and a 200-day moving average of $110.39. The company has a market capitalization of $8.73 billion, a P/E ratio of 18.91 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. During the same quarter last year, the business posted $1.68 EPS. Pinnacle Financial Partners’s quarterly revenue was up 19.9% compared to the same quarter last year. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend is 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 currently 16.05%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the sale, the chairman now owns 83,000 shares of the company’s stock, valued at $9,446,230. This represents a 32.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total transaction of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 166,970 shares of company stock worth $20,474,461 over the last 90 days. Insiders own 1.87% of the company’s stock.

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.