Envestnet Portfolio Solutions Inc. Sells 396 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Envestnet Portfolio Solutions Inc. lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,336 shares of the financial services provider’s stock after selling 396 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Pinnacle Financial Partners were worth $1,068,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PNFP. Brooklyn Investment Group purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $70,000. UMB Bank n.a. raised its holdings in Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 239 shares during the last quarter. Principal Securities Inc. raised its holdings in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the last quarter. Trust Co. of Vermont purchased a new position in Pinnacle Financial Partners in the 4th quarter worth approximately $97,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $137,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of recent analyst reports. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Wells Fargo & Company lifted 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 research report on Thursday, January 23rd. JPMorgan Chase & Co. cut 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. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Finally, Citigroup lifted their target price 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. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $125.18.

Insider Buying and Selling

In related news, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the transaction, the chairman now directly owns 83,000 shares of the company’s stock, valued at $9,446,230. This represents a 32.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,350 shares of company stock valued at $11,421,320. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.4 %

Shares of PNFP stock opened at $105.99 on Friday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The firm has a fifty day moving average price of $115.58 and a 200-day moving average price of $111.73. 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 company has a market cap of $8.20 billion, a price-to-earnings ratio of 17.72 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.68 EPS. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were issued a $0.24 dividend. The ex-dividend date was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.91%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

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.