Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 44.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,963 shares of the financial services provider’s stock after purchasing an additional 910 shares during the period. Pallas Capital Advisors LLC’s holdings in Pinnacle Financial Partners were worth $327,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PNFP. Millennium Management LLC purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $77,207,000. Nuveen LLC purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $26,879,000. GAMMA Investing LLC increased its stake in shares of Pinnacle Financial Partners by 15,990.2% during the 1st quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider’s stock worth $18,171,000 after purchasing an additional 170,296 shares in the last quarter. Junto Capital Management LP increased its stake in shares of Pinnacle Financial Partners by 28.7% during 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 in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Pinnacle Financial Partners by 309.4% during 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 in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

PNFP opened at $96.02 on Monday. The company has a 50-day moving average of $97.62 and a 200-day moving average of $102.16. The company has a market capitalization of $7.45 billion, a P/E ratio of 12.73 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.08. The company had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The company’s revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.63 EPS. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were paid 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%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PNFP. Hovde Group cut shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. JPMorgan Chase & Co. raised their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. UBS Group decreased 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 report on Tuesday, September 2nd. Jefferies Financial Group restated a “hold” rating and set a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Barclays decreased their target price on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating on the stock in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $113.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director Thomas C. Farnsworth III bought 1,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company’s stock, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Harold R. Carpenter bought 1,000 shares of Pinnacle Financial Partners 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 directly owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 12,174 shares of company stock valued at $1,047,079 in the last ninety days. Company insiders own 1.46% of the company’s stock.

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.