Pinnacle Financial Partners Inc. (PNFP) Shares Sold by First Trust Advisors LP
First Trust Advisors LP decreased its stake in Pinnacle Financial Partners Inc. (NASDAQ:PNFP) by 4.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,566 shares of the financial services provider’s stock after selling 2,392 shares during the period. First Trust Advisors LP owned about 0.13% of Pinnacle Financial Partners worth $2,617,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the company. Strs Ohio increased its position in shares of Pinnacle Financial Partners by 300.0% in the second quarter. Strs Ohio now owns 2,400 shares of the financial services provider’s stock valued at $117,000 after buying an additional 1,800 shares in the last quarter. BlackRock Inc. increased its position in shares of Pinnacle Financial Partners by 152.4% in the first quarter. BlackRock Inc. now owns 2,542 shares of the financial services provider’s stock valued at $125,000 after buying an additional 1,535 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Pinnacle Financial Partners during the second quarter valued at about $125,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Pinnacle Financial Partners by 9.9% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,013 shares of the financial services provider’s stock valued at $148,000 after buying an additional 272 shares in the last quarter. Finally, Huntington Asset Advisors Inc. bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at about $152,000. 63.99% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pinnacle Financial Partners Inc. (NASDAQ:PNFP) traded down 0.22% on Tuesday, reaching $54.98. The company’s stock had a trading volume of 162,523 shares. The stock has a 50-day moving average of $54.95 and a 200 day moving average of $50.82. Pinnacle Financial Partners Inc. has a 1-year low of $43.32 and a 1-year high of $57.99. The stock has a market capitalization of $2.28 billion, a PE ratio of 20.43 and a beta of 1.58.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.75. Pinnacle Financial Partners had a net margin of 26.36% and a return on equity of 9.58%. On average, equities analysts forecast that Pinnacle Financial Partners Inc. will post $3.00 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Wednesday, August 3rd. Pinnacle Financial Partners’s payout ratio is 20.90%.
Several research analysts recently issued reports on the company. Zacks Investment Research upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, July 26th. SunTrust Banks Inc. lifted their price objective on Pinnacle Financial Partners from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 15th. Piper Jaffray Cos. upgraded Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $51.00 to $60.00 in a research report on Tuesday, July 12th. Finally, Sandler O’Neill downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 price objective for the company. in a research report on Tuesday, September 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $57.00.
In related news, Director William H. Iv Huddleston sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $53.96, for a total transaction of $539,600.00. Following the completion of the sale, the director now directly owns 55,863 shares in the company, valued at $3,014,367.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 6.30% of the company’s stock.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.
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