Wedmont Private Capital Takes $253,000 Position in Pinnacle Financial Partners, Inc. $PNFP

Wedmont Private Capital purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,131 shares of the financial services provider’s stock, valued at approximately $253,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock valued at $168,873,000 after buying an additional 88,282 shares during the period. Azora Capital LP lifted its position in shares of Pinnacle Financial Partners by 9.2% in the first quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock worth $105,878,000 after purchasing an additional 84,538 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Pinnacle Financial Partners by 2.0% in the first quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider’s stock worth $103,767,000 after purchasing an additional 18,807 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Pinnacle Financial Partners by 3.9% in the first quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider’s stock worth $93,458,000 after purchasing an additional 32,975 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Pinnacle Financial Partners in the first quarter worth $77,207,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PNFP shares. Jefferies Financial Group reissued a “hold” rating and issued a $110.00 price objective (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Stephens cut their price objective on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 29th. Hovde Group lowered shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. upped their price target 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. Four equities 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.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $113.50.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the transaction, the director owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Kennedy Thompson purchased 10,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $85.65 per share, with a total value of $856,500.00. Following the transaction, the director owned 28,372 shares in the company, valued at $2,430,061.80. This trade represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock valued at $1,047,079 in the last quarter. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Down 1.7%

PNFP stock opened at $96.02 on Monday. The firm has a 50-day moving average price of $97.62 and a 200-day moving average price of $102.16. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91. The stock has a market capitalization of $7.45 billion, a P/E ratio of 12.73 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 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 business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same period last year, the company earned $1.63 EPS. The firm’s revenue was up 15.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

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.