Salzhauer Michael Sells 9,006 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Salzhauer Michael trimmed its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 47,323 shares of the financial services provider’s stock after selling 9,006 shares during the period. Pinnacle Financial Partners makes up about 1.8% of Salzhauer Michael’s holdings, making the stock its 11th biggest holding. Salzhauer Michael’s holdings in Pinnacle Financial Partners were worth $5,413,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Azora Capital LP bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at $64,326,000. FMR LLC lifted its stake in Pinnacle Financial Partners by 11.6% during the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after acquiring an additional 282,016 shares during the period. Holocene Advisors LP purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at about $21,576,000. Principal Financial Group Inc. boosted its holdings in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after acquiring an additional 208,938 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Pinnacle Financial Partners by 212.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock worth $28,580,000 after acquiring an additional 198,246 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Trading Down 1.9 %

Pinnacle Financial Partners stock opened at $123.76 on Monday. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91. The firm has a market capitalization of $9.56 billion, a price-to-earnings ratio of 20.70 and a beta of 1.09. The firm has a 50 day moving average of $119.10 and a 200 day moving average of $107.93. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37.

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, topping analysts’ consensus estimates of $1.80 by $0.10. The firm had revenue of $475.34 million during the quarter, compared to analysts’ expectations of $470.33 million. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. During the same period in the prior year, the company posted $1.68 earnings per share. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, February 7th. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 0.78%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 14.72%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PNFP shares. UBS Group began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price on the stock. Hovde Group downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating and set a $135.00 price target on the stock. in a research note on Monday, November 18th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Wells Fargo & Company raised their target price on 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. Finally, Stephens reaffirmed an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $125.18.

Insider Activity

In other Pinnacle Financial Partners news, Director David B. Ingram sold 20,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, December 6th. The shares were sold at an average price of $126.02, for a total value of $2,520,400.00. Following the sale, the director now directly owns 92,565 shares in the company, valued at approximately $11,665,041.30. The trade was a 17.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Harold R. Carpenter sold 3,051 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $125.57, for a total transaction of $383,114.07. Following the transaction, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This trade represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 86,970 shares of company stock worth $10,862,061 over the last ninety days. Corporate insiders own 1.87% of the company’s stock.

About Pinnacle Financial Partners

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.