MML Investors Services LLC Cuts Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

MML Investors Services LLC lessened its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,430 shares of the financial services provider’s stock after selling 1,579 shares during the quarter. MML Investors Services LLC’s holdings in Pinnacle Financial Partners were worth $3,079,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Pier Capital LLC raised its holdings in shares of Pinnacle Financial Partners by 0.4% in the 3rd quarter. Pier Capital LLC now owns 112,242 shares of the financial services provider’s stock valued at $10,996,000 after buying an additional 445 shares during the period. Systematic Financial Management LP purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $261,000. Quantinno Capital Management LP raised its holdings in shares of Pinnacle Financial Partners by 41.5% in the 3rd quarter. Quantinno Capital Management LP now owns 17,842 shares of the financial services provider’s stock valued at $1,748,000 after buying an additional 5,236 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 212.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 291,723 shares of the financial services provider’s stock valued at $28,580,000 after buying an additional 198,246 shares during the period. Finally, Holocene Advisors LP purchased a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $21,576,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.6 %

Pinnacle Financial Partners stock opened at $117.70 on Friday. The stock has a 50 day moving average of $114.25 and a two-hundred day moving average of $97.34. Pinnacle Financial Partners, Inc. has a twelve month low of $73.62 and a twelve month high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 22.38 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.07. Pinnacle Financial Partners had a return on equity of 8.89% and a net margin of 13.97%. The firm had revenue of $810.11 million during the quarter, compared to the consensus estimate of $454.18 million. During the same quarter in the previous year, the business earned $1.79 earnings per share. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 6.8 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 1st were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 0.75%. The ex-dividend date was Friday, November 1st. Pinnacle Financial Partners’s payout ratio is 16.73%.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the sale, the chief financial officer now owns 60,805 shares of the company’s stock, valued at $7,635,283.85. This represents a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the sale, the director now directly owns 139,489 shares of the company’s stock, valued at $17,585,378.23. The trade was a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 76,661 shares of company stock valued at $9,563,127 over the last quarter. Company insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company upped their price target on Pinnacle Financial Partners from $104.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Barclays upped their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $135.00 price target (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. 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 report on Monday, November 18th. Finally, Stephens upped their price target on Pinnacle Financial Partners from $108.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $113.64.

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.