Channing Capital Management LLC Trims Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Channing Capital Management LLC lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 769,634 shares of the financial services provider’s stock after selling 149,498 shares during the period. Pinnacle Financial Partners makes up about 2.3% of Channing Capital Management LLC’s investment portfolio, making the stock its 11th largest position. Channing Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $88,038,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in Pinnacle Financial Partners in the third quarter worth approximately $30,000. Brooklyn Investment Group purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $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 purchasing an additional 239 shares during the period. Principal Securities Inc. lifted its position in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. Finally, Trust Co. of Vermont bought a new stake in Pinnacle Financial Partners during the fourth quarter valued at about $97,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, Director David B. Ingram sold 40,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares of the company’s stock, valued at approximately $5,185,361.50. This represents a 49.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 90,309 shares of company stock worth $10,911,334. 1.87% of the stock is currently owned by insiders.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $99.42 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The firm has a market capitalization of $7.69 billion, a PE ratio of 16.63 and a beta of 1.09. The business has a 50 day simple moving average of $117.60 and a 200-day simple moving average of $111.52. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm 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 company’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.68 EPS. Equities research 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 company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were paid a dividend of $0.24 per share. 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 0.97%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PNFP shares. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Barclays raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $120.00 to $135.00 in a research note on Thursday, December 19th. Wells Fargo & Company raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $135.00 target price (up previously from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Finally, Citigroup increased their price objective 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 given a buy rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $125.18.

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.