Guggenheim Capital LLC Has $244,000 Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Guggenheim Capital LLC reduced its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 18.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,135 shares of the financial services provider’s stock after selling 475 shares during the period. Guggenheim Capital LLC’s holdings in Pinnacle Financial Partners were worth $244,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PNFP. Norges Bank bought a new stake in Pinnacle Financial Partners during the 4th quarter worth $101,798,000. Raymond James Financial Inc. acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $44,737,000. FMR LLC raised its position in Pinnacle Financial Partners by 10.6% in the 4th quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock valued at $343,549,000 after buying an additional 286,894 shares during the last quarter. Wellington Management Group LLP raised its position in Pinnacle Financial Partners by 16.5% in the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock valued at $172,072,000 after buying an additional 213,505 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Pinnacle Financial Partners by 27.0% during the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider’s stock valued at $96,332,000 after purchasing an additional 208,938 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNFP has been the topic of a number of recent research reports. Hovde Group upgraded shares of 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 note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Barclays dropped their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. Finally, Stephens restated an “overweight” rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $119.50.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $100.22 on Tuesday. The firm has a 50-day simple moving average of $102.04 and a two-hundred day simple moving average of $112.11. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The stock 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 posted its earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same quarter in the prior year, the company posted $1.53 earnings per share. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.96%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 15.53%.

Insider Transactions at Pinnacle Financial Partners

In other news, Director David B. Ingram sold 10,309 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $126.00, for a total transaction of $1,298,934.00. Following the completion of the sale, the director now directly owns 82,256 shares in the company, valued at approximately $10,364,256. This trade represents a 11.14 % decrease in their position. The transaction 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 firm’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 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 trade represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,350 shares of company stock worth $11,421,320. Company 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.