Intech Investment Management LLC Sells 55,822 Shares of Pinnacle Financial Partners, Inc. $PNFP

Intech Investment Management LLC trimmed its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 40.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 82,230 shares of the company’s stock after selling 55,822 shares during the quarter. Intech Investment Management LLC’s holdings in Pinnacle Financial Partners were worth $7,846,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Swmg LLC raised its position in shares of Pinnacle Financial Partners by 6.7% in the 4th quarter. Swmg LLC now owns 2,854 shares of the company’s stock worth $292,000 after acquiring an additional 178 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 1,576,459 shares of the company’s stock worth $153,680,000 after acquiring an additional 103,841 shares in the last quarter. Steel Grove Capital Advisors LLC raised its position in shares of Pinnacle Financial Partners by 13.0% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 7,159 shares of the company’s stock worth $683,000 after acquiring an additional 821 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $317,000. Finally, 12th Street Asset Management Company LLC raised its position in shares of Pinnacle Financial Partners by 30.4% in the 4th quarter. 12th Street Asset Management Company LLC now owns 416,090 shares of the company’s stock worth $39,699,000 after acquiring an additional 97,040 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of NYSE PNFP opened at $97.90 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $120.46. The firm’s 50 day simple moving average is $93.31. The company has a market capitalization of $7.59 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.37 and a beta of 1.06. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.34 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 1st were issued a dividend of $0.50 per share. The ex-dividend date was Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is presently 27.74%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PNFP. TD Cowen decreased their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Weiss Ratings assumed coverage on shares of Pinnacle Financial Partners in a research note on Monday, March 9th. They set a “hold (c+)” rating for the company. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. raised their target price on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Finally, UBS Group raised their target price on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $115.18.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.