Handelsinvest Investeringsforvaltning Trims Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Handelsinvest Investeringsforvaltning reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 34.2% in the 1st quarter, Holdings Channel reports. The fund owned 4,162 shares of the financial services provider’s stock after selling 2,160 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Pinnacle Financial Partners were worth $357,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $26,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $32,000. ICA Group Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $44,000. Principal Securities Inc. purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $60,000. Finally, Mather Group LLC. purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at approximately $65,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the transaction, the chairman now owns 153,062 shares of the company’s stock, valued at $12,404,144.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total value of $9,339,778.96. Following the transaction, the chairman now owns 153,062 shares of the company’s stock, valued at approximately $12,404,144.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the transaction, the chief executive officer now directly owns 222,790 shares in the company, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. 1.87% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of recent analyst reports. Stephens cut their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, May 23rd. Barclays initiated coverage on Pinnacle Financial Partners in a research report on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price objective for the company. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Hovde Group cut their price objective on Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research report on Tuesday, April 23rd. Finally, Jefferies Financial Group cut their price objective on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $94.25.

Pinnacle Financial Partners Stock Down 2.5 %

Shares of PNFP opened at $78.20 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a one year low of $55.38 and a one year high of $92.33. The stock has a market capitalization of $6.04 billion, a price-to-earnings ratio of 11.19 and a beta of 1.08. The stock has a 50 day moving average price of $79.23 and a 200 day moving average price of $82.22.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. The company had revenue of $428.14 million for the quarter, compared to analyst estimates of $413.27 million. Pinnacle Financial Partners had a return on equity of 9.31% and a net margin of 18.59%. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.77 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.59%.

About Pinnacle Financial Partners

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.