The Manufacturers Life Insurance Company Sells 55,276 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

The Manufacturers Life Insurance Company trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 959,757 shares of the financial services provider’s stock after selling 55,276 shares during the period. The Manufacturers Life Insurance Company owned about 1.24% of Pinnacle Financial Partners worth $109,787,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. boosted its position 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 valued at $84,000 after buying an additional 239 shares during the last quarter. Principal Securities Inc. boosted its position in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the last quarter. Trust Co. of Vermont bought a new position in Pinnacle Financial Partners in the 4th quarter valued at $97,000. Values First Advisors Inc. boosted its position in Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock valued at $167,000 after buying an additional 955 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Pinnacle Financial Partners by 20.6% in the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock valued at $181,000 after buying an additional 271 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $100.22 on Tuesday. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91. 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 business’s 50 day moving average price is $102.04 and its two-hundred day moving average price is $112.11. The firm has a market cap of $7.75 billion, a PE ratio of 16.76 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The firm had revenue of $475.37 million during the quarter, compared to analysts’ expectations of $478.11 million. During the same period last year, the company earned $1.53 earnings per share. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is 15.53%.

Insiders Place Their Bets

In related news, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the completion of the transaction, the director now owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. The trade was a 23.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO M Terry Turner sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now directly owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,350 shares of company stock valued at $11,421,320. Company insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on PNFP. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company reduced their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Stephens restated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Finally, Barclays reduced their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $119.50.

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.