Alliancebernstein L.P. Has $11.24 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Alliancebernstein L.P. decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 98,245 shares of the financial services provider’s stock after selling 7,471 shares during the period. Alliancebernstein L.P. owned approximately 0.13% of Pinnacle Financial Partners worth $11,238,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV lifted its holdings 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 during the period. Artemis Investment Management LLP raised its holdings in shares of Pinnacle Financial Partners by 2.6% during 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 purchasing an additional 12,455 shares during the period. Geode Capital Management LLC raised its holdings in shares of 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 purchasing an additional 8,604 shares during the period. Beacon Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 101,563.6% during the fourth quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider’s stock valued at $2,558,000 after purchasing an additional 22,344 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 27.0% during the third quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after purchasing an additional 208,938 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 10.4 %

NASDAQ:PNFP opened at $96.34 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 16.11 and a beta of 0.94. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The firm has a 50-day moving average price of $108.99 and a two-hundred day moving average price of $112.02.

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

Pinnacle Financial Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 7th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 annualized dividend and a dividend yield of 1.00%. 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 presently 16.05%.

Insider Transactions at Pinnacle Financial Partners

In other news, Director Glenda Baskin Glover sold 3,000 shares of the firm’s 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 in the company, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the sale, the director now owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. The trade was a 49.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock worth $11,421,320 in the last quarter. Insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNFP. Wells Fargo & Company dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a report on Wednesday. UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price objective on the stock. Stephens reiterated an “overweight” rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Hovde Group decreased their target price on shares of Pinnacle Financial Partners from $135.00 to $120.00 and set a “market perform” rating for the company in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and an average target price of $124.70.

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.