William Blair Investment Management LLC Sells 129,725 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

William Blair Investment Management LLC cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 298,212 shares of the financial services provider’s stock after selling 129,725 shares during the period. William Blair Investment Management LLC’s holdings in Pinnacle Financial Partners were worth $34,112,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. lifted its stake in Pinnacle Financial Partners by 17.9% in the third quarter. Victory Capital Management Inc. now owns 186,612 shares of the financial services provider’s stock valued at $18,282,000 after buying an additional 28,327 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Pinnacle Financial Partners in the third quarter valued at approximately $3,606,000. KBC Group NV lifted its stake in Pinnacle Financial Partners by 1,054.3% in the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider’s stock valued at $3,057,000 after buying an additional 24,407 shares in the last quarter. Artemis Investment Management LLP lifted its stake in Pinnacle Financial Partners by 2.6% in the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider’s stock valued at $55,213,000 after buying an additional 12,455 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Pinnacle Financial Partners by 0.7% in 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 in the last quarter. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This represents a 23.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now directly owns 40,991 shares of the company’s stock, valued at $5,185,361.50. This represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,350 shares of company stock valued at $11,421,320. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Up 0.7 %

PNFP stock opened at $104.51 on Wednesday. The stock has a market capitalization of $8.09 billion, a P/E ratio of 17.48 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12 month low of $73.62 and a 12 month high of $131.91. The firm has a 50-day moving average price of $116.09 and a 200-day moving average price of $111.67.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted 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. The firm 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%. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.68 earnings per share. As a group, equities research analysts anticipate 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 was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date was Friday, February 7th. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 16.05%.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a research note on Wednesday, December 4th. Barclays raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $120.00 to $135.00 in a research note on Thursday, December 19th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research 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 stock a “buy” rating in a research report on Tuesday, December 31st. Finally, Wells Fargo & Company upped their price objective 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. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $125.18.

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.