US Bancorp DE Sells 1,251 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

US Bancorp DE cut its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 15.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 6,849 shares of the financial services provider’s stock after selling 1,251 shares during the period. US Bancorp DE’s holdings in Pinnacle Financial Partners were worth $783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Sage Investment Counsel LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $8,671,000. Proficio Capital Partners LLC bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at $3,860,000. Oppenheimer Asset Management Inc. boosted its stake in Pinnacle Financial Partners by 5.5% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 129,424 shares of the financial services provider’s stock valued at $14,805,000 after purchasing an additional 6,701 shares during the period. Amalgamated Bank boosted its stake in Pinnacle Financial Partners by 0.5% in the 4th quarter. Amalgamated Bank now owns 36,593 shares of the financial services provider’s stock valued at $4,186,000 after purchasing an additional 178 shares during the period. Finally, First Horizon Advisors Inc. boosted its stake in Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock valued at $389,000 after purchasing an additional 102 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PNFP shares. Barclays upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $120.00 to $135.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. UBS Group started coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 target price for the company. Citigroup upped their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Finally, Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 target price for the company. in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $125.18.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $99.42 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a market cap of $7.69 billion, a P/E ratio of 16.63 and a beta of 1.09. The business has a fifty day simple moving average of $117.60 and a 200 day simple moving average of $111.52.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same period in the prior year, the company earned $1.68 EPS. Pinnacle Financial Partners’s revenue for the quarter was up 19.9% on a year-over-year basis. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders 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 0.97%. The ex-dividend date of this dividend was Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is presently 16.05%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David B. Ingram sold 10,309 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total value of $1,298,934.00. Following the completion of the transaction, the director now directly owns 82,256 shares of the company’s stock, valued at approximately $10,364,256. The trade was a 11.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,309 shares of company stock valued at $10,911,334 in the last 90 days. Corporate 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.