Pinnacle Financial Partners Inc. Has $16.01 Million Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)
Pinnacle Financial Partners Inc. increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.6% during the second quarter, Holdings Channel reports. The fund owned 254,233 shares of the financial services provider’s stock after buying an additional 17,958 shares during the period. Pinnacle Financial Partners makes up 2.3% of Pinnacle Financial Partners Inc.’s holdings, making the stock its 3rd largest position. Pinnacle Financial Partners Inc.’s holdings in Pinnacle Financial Partners were worth $16,011,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of PNFP. Creative Planning bought a new stake in Pinnacle Financial Partners during the first quarter worth $107,000. Glen Harbor Capital Management LLC increased its stake in Pinnacle Financial Partners by 6.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,716 shares of the financial services provider’s stock worth $114,000 after buying an additional 110 shares during the last quarter. Founders Capital Management bought a new stake in Pinnacle Financial Partners during the first quarter worth $135,000. Elkfork Partners LLC increased its stake in Pinnacle Financial Partners by 6.8% in the first quarter. Elkfork Partners LLC now owns 2,184 shares of the financial services provider’s stock worth $145,000 after buying an additional 140 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in Pinnacle Financial Partners during the first quarter worth $151,000. Institutional investors own 77.76% of the company’s stock.
Shares of Pinnacle Financial Partners, Inc. (PNFP) opened at 60.30 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $49.40 and a 52-week high of $71.85. The company’s 50-day moving average is $63.51 and its 200 day moving average is $64.90. The firm has a market capitalization of $4.64 billion, a P/E ratio of 19.37 and a beta of 1.27.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.04. Pinnacle Financial Partners had a net margin of 27.36% and a return on equity of 7.67%. The business had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $130.23 million. During the same period last year, the business earned $0.75 earnings per share. The business’s quarterly revenue was up 31.4% on a year-over-year basis. Analysts expect that Pinnacle Financial Partners, Inc. will post $3.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Wednesday, August 2nd. Pinnacle Financial Partners’s payout ratio is currently 18.01%.
PNFP has been the topic of a number of research analyst reports. Stephens restated a “hold” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, April 19th. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Hilliard Lyons restated a “neutral” rating and issued a $69.00 price target (down from $71.00) on shares of Pinnacle Financial Partners in a research note on Saturday, April 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $65.20.
In other Pinnacle Financial Partners news, Director Joseph C. Galante purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction on Wednesday, May 31st. The shares were acquired at an average cost of $59.73 per share, for a total transaction of $59,730.00. Following the completion of the transaction, the director now directly owns 18,511 shares of the company’s stock, valued at $1,105,662.03. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $66.02, for a total transaction of $198,060.00. Following the transaction, the insider now owns 64,794 shares in the company, valued at $4,277,699.88. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 1,425 shares of company stock worth $86,180 and have sold 107,480 shares worth $6,962,234. 5.41% of the stock is owned by company insiders.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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