US Bancorp DE Sells 660 Shares of Pinnacle Financial Partners, Inc. $PNFP

US Bancorp DE reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,796 shares of the financial services provider’s stock after selling 660 shares during the quarter. US Bancorp DE’s holdings in Pinnacle Financial Partners were worth $640,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PNFP. 1248 Management LLC bought a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $29,000. Ameritas Advisory Services LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $45,000. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $48,000. SVB Wealth LLC bought a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Pinnacle Financial Partners in the first quarter valued at approximately $57,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Trading Up 2.7%

PNFP stock opened at $87.02 on Monday. The company has a market capitalization of $6.75 billion, a PE ratio of 11.06 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company’s 50 day moving average price is $94.23 and its two-hundred day moving average price is $100.44. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.05 by $0.22. The firm had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same period last year, the firm posted $1.86 earnings per share. As a group, analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter purchased 1,000 shares of the firm’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 purchase, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director G Kennedy Thompson purchased 10,000 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were acquired at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the purchase, 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 ninety days, insiders have acquired 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of recent analyst reports. UBS Group lowered their target price on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 2nd. TD Cowen initiated coverage on shares of Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a “buy” rating and a $122.00 target price on the stock. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company lowered their target price on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $110.27.

About Pinnacle Financial Partners

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.