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

William Blair Investment Management LLC reduced its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 298,212 shares of the financial services provider’s stock after selling 129,725 shares during the period. William Blair Investment Management LLC owned 0.39% of Pinnacle Financial Partners worth $34,112,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. SlateStone Wealth LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $204,000. Corient Private Wealth LLC boosted its holdings in shares of Pinnacle Financial Partners by 13.8% during the 4th quarter. Corient Private Wealth LLC now owns 13,973 shares of the financial services provider’s stock worth $1,598,000 after buying an additional 1,695 shares during the period. one8zero8 LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $236,000. Natixis Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 2.1% during the 4th quarter. Natixis Advisors LLC now owns 133,016 shares of the financial services provider’s stock worth $15,216,000 after buying an additional 2,730 shares during the period. Finally, Picton Mahoney Asset Management boosted its holdings in shares of Pinnacle Financial Partners by 190.1% during the 4th quarter. Picton Mahoney Asset Management now owns 159,187 shares of the financial services provider’s stock worth $18,211,000 after buying an additional 104,306 shares during the period. 87.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Citigroup increased their price target on shares of Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price target (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Finally, Stephens reissued an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $125.18.

Pinnacle Financial Partners Trading Up 0.7 %

Shares of PNFP stock opened at $104.51 on Wednesday. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 17.48 and a beta of 1.09. 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 fifty day moving average of $116.09 and a 200-day moving average of $111.67.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter in the prior year, the company posted $1.68 EPS. The business’s revenue was up 19.9% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share 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. Stockholders of record on Friday, February 7th were paid a $0.24 dividend. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, February 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.92%. Pinnacle Financial Partners’s dividend payout ratio is currently 16.05%.

Insider Buying and Selling

In related news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total transaction of $4,552,400.00. Following the completion of the sale, the chairman now owns 83,000 shares in the company, valued at $9,446,230. This trade represents a 32.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David B. Ingram sold 10,309 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the sale, the director now owns 82,256 shares of the company’s stock, valued at $10,364,256. This trade represents a 11.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,350 shares of company stock worth $11,421,320 in the last quarter. 1.46% of the stock is owned by corporate insiders.

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.