Edge Capital Group LLC Reduces Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Edge Capital Group LLC lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,843 shares of the financial services provider’s stock after selling 246 shares during the quarter. Edge Capital Group LLC’s holdings in Pinnacle Financial Partners were worth $554,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PNFP. FMR LLC increased its position in shares of Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Geode Capital Management LLC grew its position in Pinnacle Financial Partners by 0.7% during the third quarter. Geode Capital Management LLC now owns 1,328,564 shares of the financial services provider’s stock valued at $130,192,000 after buying an additional 8,604 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Pinnacle Financial Partners by 20.5% during the third quarter. The Manufacturers Life Insurance Company now owns 1,015,033 shares of the financial services provider’s stock valued at $99,443,000 after buying an additional 172,750 shares during the last quarter. Principal Financial Group Inc. raised its position in Pinnacle Financial Partners by 27.0% in the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock worth $96,332,000 after acquiring an additional 208,938 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 920,088 shares of the financial services provider’s stock worth $90,141,000 after acquiring an additional 9,856 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PNFP. Hovde Group lowered Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price objective for the company. in a research note on Monday, November 18th. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 price target for the company. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Wells Fargo & Company increased their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Finally, Stephens reaffirmed an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $125.18.

Insider Activity at Pinnacle Financial Partners

In related news, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total transaction of $2,520,400.00. Following the sale, the director now owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners stock in a transaction on 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 of the company’s stock, valued at $7,635,283.85. The trade was 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 126,970 shares of company stock valued at $15,922,061. Insiders own 1.87% of the company’s stock.

Pinnacle Financial Partners Trading Down 1.0 %

Pinnacle Financial Partners stock opened at $113.02 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The firm’s 50 day moving average price is $118.49 and its 200-day moving average price is $110.19. 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 stock has a market cap of $8.73 billion, a P/E ratio of 18.90 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analysts’ expectations 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 company posted $1.68 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s payout ratio is currently 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.