TCV Trust & Wealth Management Inc. Trims Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

TCV Trust & Wealth Management Inc. decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,905 shares of the financial services provider’s stock after selling 190 shares during the period. TCV Trust & Wealth Management Inc.’s holdings in Pinnacle Financial Partners were worth $447,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PNFP. Ashton Thomas Securities LLC purchased a new position in shares of Pinnacle Financial Partners during the third quarter worth approximately $30,000. Values First Advisors Inc. bought a new position in Pinnacle Financial Partners in the third quarter worth approximately $49,000. UMB Bank n.a. increased its holdings in Pinnacle Financial Partners by 83.4% during the 3rd quarter. UMB Bank n.a. now owns 497 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 226 shares during the period. Brooklyn Investment Group bought a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $70,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Pinnacle Financial Partners by 16.5% in the 3rd quarter. GAMMA Investing LLC now owns 994 shares of the financial services provider’s stock worth $97,000 after buying an additional 141 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director David B. Ingram sold 20,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $126.02, for a total value of $2,520,400.00. Following the transaction, the director now directly owns 92,565 shares of the company’s stock, valued at $11,665,041.30. This represents a 17.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter sold 3,051 shares of Pinnacle Financial Partners 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 sale, the chief financial officer now directly owns 60,805 shares of the company’s stock, valued at approximately $7,635,283.85. This represents a 4.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 126,970 shares of company stock valued at $15,922,061. 1.87% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Up 0.9 %

NASDAQ:PNFP opened at $123.40 on Wednesday. The stock has a market capitalization of $9.53 billion, a price-to-earnings ratio of 20.64 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average of $119.04 and a 200 day moving average of $108.20.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results 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 business had revenue of $475.34 million for the quarter, compared to the consensus estimate of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The business’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.68 earnings per share. As a group, sell-side analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 7th will be paid a $0.24 dividend. 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 14.72%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research reports. 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 research note on Wednesday, December 4th. Barclays upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $120.00 to $135.00 in a report on Thursday, December 19th. Citigroup boosted 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. dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company lifted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $125.18.

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.