Forum Financial Management LP Acquires 688 Shares of Pinnacle Financial Partners, Inc. $PNFP

Forum Financial Management LP raised its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 25.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,348 shares of the financial services provider’s stock after buying an additional 688 shares during the quarter. Forum Financial Management LP’s holdings in Pinnacle Financial Partners were worth $370,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Millennium Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $77,207,000. Nuveen LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $26,879,000. Junto Capital Management LP grew its holdings in shares of Pinnacle Financial Partners by 28.7% in the 1st quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider’s stock worth $47,302,000 after purchasing an additional 99,495 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Pinnacle Financial Partners by 309.4% in the 1st quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider’s stock worth $13,473,000 after purchasing an additional 97,876 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 5.9% in the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after purchasing an additional 88,282 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PNFP shares. JPMorgan Chase & Co. upped their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. 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 report on Friday, October 17th. 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 report on Tuesday, September 2nd. Citigroup reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, July 25th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and a consensus price target of $110.27.

Pinnacle Financial Partners Stock Up 1.6%

Shares of NASDAQ PNFP opened at $88.26 on Friday. The firm’s 50-day simple moving average is $93.80 and its 200 day simple moving average is $100.37. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 11.21 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91.

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

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.20%.

Insider Activity

In other Pinnacle Financial Partners news, Director G Kennedy Thompson bought 10,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $85.65 per share, with a total value of $856,500.00. Following the purchase, the director owned 28,372 shares of the company’s stock, valued at $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Thomas C. Farnsworth III bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The stock was acquired at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director directly owned 28,277 shares in the company, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 17,174 shares of company stock valued at $1,485,229. 1.46% of the stock is currently owned by insiders.

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.