Pinnacle Financial Partners, Inc. $PNFP Shares Sold by BloombergSen Inc.

BloombergSen Inc. lowered its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 1.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 872,144 shares of the financial services provider’s stock after selling 10,677 shares during the quarter. Pinnacle Financial Partners accounts for about 5.9% of BloombergSen Inc.’s investment portfolio, making the stock its 7th biggest holding. BloombergSen Inc.’s holdings in Pinnacle Financial Partners were worth $96,293,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PNFP. GAMMA Investing LLC grew its holdings in Pinnacle Financial Partners by 15,990.2% during the first quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider’s stock valued at $18,171,000 after purchasing an additional 170,296 shares during the period. Parallel Advisors LLC grew its holdings in Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider’s stock valued at $227,000 after purchasing an additional 116 shares during the period. NBC Securities Inc. grew its holdings in Pinnacle Financial Partners by 113,014.3% during the first quarter. NBC Securities Inc. now owns 7,918 shares of the financial services provider’s stock valued at $839,000 after purchasing an additional 7,911 shares during the period. Portside Wealth Group LLC acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $210,000. Finally, Vest Financial LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $1,006,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of several research analyst reports. Jefferies Financial Group reiterated a “hold” rating and issued a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. UBS Group reduced their price target on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a report on Tuesday, September 2nd. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Barclays reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating for the company in a report on Monday, July 28th. Finally, Hovde Group cut shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $112.45.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter purchased 1,000 shares of the company’s stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the transaction, the chief financial officer owned 105,050 shares of the company’s stock, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G Kennedy Thompson purchased 10,000 shares of the company’s stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the transaction, the director directly owned 28,372 shares of the company’s stock, valued at approximately $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $93.31 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The firm’s fifty day moving average price is $94.34 and its two-hundred day moving average price is $101.77. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The firm has a market capitalization of $7.24 billion, a P/E ratio of 12.38 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. During the same period in the prior year, the firm posted $1.63 earnings per share. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is 12.73%.

Pinnacle Financial Partners 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.