First Trust Advisors LP cut its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 29.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 184,223 shares of the financial services provider’s stock after selling 77,897 shares during the period. First Trust Advisors LP’s holdings in Pinnacle Financial Partners were worth $6,916,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. First Manhattan Co. acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $37,000. Russell Investments Group Ltd. boosted its position in shares of Pinnacle Financial Partners by 247.4% in the first quarter. Russell Investments Group Ltd. now owns 29,280 shares of the financial services provider’s stock worth $1,098,000 after acquiring an additional 20,851 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Pinnacle Financial Partners by 10.0% in the first quarter. Rhumbline Advisers now owns 195,967 shares of the financial services provider’s stock worth $7,357,000 after acquiring an additional 17,832 shares during the last quarter. Intrust Bank NA acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $367,000. Finally, Eudaimonia Partners LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $56,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Charles E. Brock sold 9,587 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $39.22, for a total transaction of $376,002.14. Following the transaction, the director now directly owns 44,229 shares of the company’s stock, valued at $1,734,661.38. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Kennedy Thompson bought 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 27th. The shares were purchased at an average cost of $54.33 per share, for a total transaction of $162,990.00. Following the completion of the transaction, the director now owns 10,682 shares of the company’s stock, valued at approximately $580,353.06. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 31,000 shares of company stock worth $1,320,340. Corporate insiders own 2.98% of the company’s stock.

Shares of PNFP stock opened at $36.90 on Friday. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 8.26 and a beta of 1.42. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.68. Pinnacle Financial Partners has a fifty-two week low of $27.80 and a fifty-two week high of $65.00. The firm’s 50 day moving average price is $37.86 and its two-hundred day moving average price is $52.74.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Monday, April 20th. The financial services provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.66). Pinnacle Financial Partners had a return on equity of 8.04% and a net margin of 24.72%. The firm had revenue of $263.93 million for the quarter, compared to analyst estimates of $260.15 million. During the same period in the previous year, the firm posted $1.24 earnings per share. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts forecast that Pinnacle Financial Partners will post 3.47 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, April 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.73%. Pinnacle Financial Partners’s payout ratio is currently 11.92%.

Several equities research analysts recently issued reports on PNFP shares. Wells Fargo & Co decreased their target price on shares of Pinnacle Financial Partners from $66.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, March 30th. UBS Group lifted their price target on shares of Pinnacle Financial Partners from $32.50 to $35.00 and gave the company a “neutral” rating in a research report on Friday. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. SunTrust Banks lifted their price target on shares of Pinnacle Financial Partners from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $41.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday, April 23rd. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Pinnacle Financial Partners presently has an average rating of “Hold” and an average price target of $48.67.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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