Orion Portfolio Solutions LLC Lowers Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Orion Portfolio Solutions LLC lessened its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 13.9% during the fourth quarter, according to the company in its most recent 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 quarter. Orion Portfolio Solutions LLC’s holdings in Pinnacle Financial Partners were worth $4,460,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PNFP. FMR LLC grew its holdings in Pinnacle Financial Partners by 11.6% in the third 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 period. BNP Paribas Financial Markets grew its stake in shares of Pinnacle Financial Partners by 689.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 21,932 shares of the financial services provider’s stock valued at $2,149,000 after buying an additional 19,153 shares during the period. Townsquare Capital LLC increased its holdings in shares of Pinnacle Financial Partners by 6.6% during the 3rd quarter. Townsquare Capital LLC now owns 9,350 shares of the financial services provider’s stock worth $916,000 after buying an additional 581 shares during the last quarter. Glenmede Trust Co. NA purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth $215,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Pinnacle Financial Partners by 7.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,364 shares of the financial services provider’s stock valued at $1,603,000 after acquiring an additional 1,102 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $105.06 on Monday. The firm has a market cap of $8.13 billion, a price-to-earnings ratio of 17.57 and a beta of 1.09. 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 business’s 50 day moving average is $114.63 and its two-hundred day moving average is $112.37. Pinnacle Financial Partners, Inc. has a 52-week low of $73.62 and a 52-week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 EPS 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 business had revenue of $475.34 million for the quarter, compared to analysts’ expectations of $470.33 million. During the same quarter last year, the company posted $1.68 earnings per share. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. Analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently disclosed 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. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, February 7th. This represents a $0.96 annualized dividend and a yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Analyst Ratings Changes

A number of equities analysts have recently commented on PNFP shares. Stephens restated an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. UBS Group started coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, December 17th. They set a “neutral” rating and a $133.00 price target on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Pinnacle Financial Partners in a research report on Wednesday, December 4th. Wells Fargo & Company lifted their target price 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. Finally, Citigroup increased their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a report on Tuesday, December 31st. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus price target of $125.18.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO M Terry Turner sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at $25,615,567.76. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,350 shares of company stock valued at $11,421,320 over the last quarter. 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.