American Century Companies Inc. Decreases Stake in Pinnacle Financial Partners, Inc. $PNFP

American Century Companies Inc. lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,546 shares of the financial services provider’s stock after selling 1,280 shares during the period. American Century Companies Inc.’s holdings in Pinnacle Financial Partners were worth $3,451,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the first quarter worth $48,000. UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 122 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock valued at $171,000 after purchasing an additional 551 shares during the last quarter. Portside Wealth Group LLC bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $210,000. Finally, Virtue Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter worth about $213,000. 87.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on PNFP. Citigroup decreased their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a report on Friday, July 25th. Wells Fargo & Company reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating for the company in a research report on Friday, July 25th. Jefferies Financial Group restated a “hold” rating and set a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Hovde Group downgraded Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Finally, UBS Group reissued a “neutral” rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $114.80.

Insider Activity

In related news, CFO Harold R. Carpenter purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. This represents a 0.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director owned 28,277 shares of the company’s stock, valued at $2,401,848.38. This represents a 3.67% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,174 shares of company stock worth $1,047,079 over the last ninety days. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.4%

PNFP opened at $97.22 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91. The company has a market cap of $7.54 billion, a PE ratio of 12.89 and a beta of 1.03. 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 company has a 50 day moving average of $102.67 and a 200 day moving average of $104.07.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $504.99 million for the quarter, compared to analysts’ expectations of $495.27 million. During the same quarter in the previous year, the firm posted $1.63 EPS. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

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.