Orion Portfolio Solutions LLC Cuts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Orion Portfolio Solutions LLC lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,985 shares of the financial services provider’s stock after selling 6,278 shares during the period. Orion Portfolio Solutions LLC owned approximately 0.05% of Pinnacle Financial Partners worth $4,460,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $101,798,000. Azora Capital LP purchased a new position in Pinnacle Financial Partners in the third quarter worth approximately $64,326,000. Raymond James Financial Inc. acquired a new position in Pinnacle Financial Partners during the 4th quarter worth approximately $44,737,000. FMR LLC increased its position in shares of Pinnacle Financial Partners by 11.6% in the 3rd quarter. FMR LLC now owns 2,716,416 shares of the financial services provider’s stock valued at $266,127,000 after purchasing an additional 282,016 shares during the last quarter. Finally, Holocene Advisors LP acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at $21,576,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $105.06 on Monday. The firm’s fifty day simple moving average is $114.63 and its 200-day simple moving average is $112.37. 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 stock has a market cap of $8.13 billion, a PE ratio of 17.57 and a beta of 1.09. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.34 million for the quarter, compared to analyst estimates of $470.33 million. During the same period in the prior year, the business posted $1.68 earnings per share. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. Analysts expect 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. Shareholders of record on Friday, February 7th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. This is an increase from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. Pinnacle Financial Partners’s payout ratio is presently 16.05%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Citigroup upped their target price 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 Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 target price (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. UBS Group initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Finally, Stephens reiterated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $125.18.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Glenda Baskin Glover sold 3,000 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18 % 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. Insiders own 1.46% of the company’s stock.

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.