UMB Bank n.a. Boosts Stock Position in Pinnacle Financial Partners, Inc. $PNFP

UMB Bank n.a. boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 31.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,129 shares of the financial services provider’s stock after acquiring an additional 271 shares during the quarter. UMB Bank n.a.’s holdings in Pinnacle Financial Partners were worth $125,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of PNFP. KLP Kapitalforvaltning AS grew its position in Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock valued at $1,675,000 after buying an additional 100 shares during the last quarter. Brooklyn Investment Group boosted its holdings in shares of Pinnacle Financial Partners by 15.3% in the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after acquiring an additional 110 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider’s stock worth $227,000 after acquiring an additional 116 shares during the period. Tidal Investments LLC raised its holdings in Pinnacle Financial Partners by 4.7% during the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider’s stock worth $355,000 after purchasing an additional 140 shares in the last quarter. Finally, TBH Global Asset Management LLC lifted its position in Pinnacle Financial Partners by 2.6% in the first quarter. TBH Global Asset Management LLC now owns 6,001 shares of the financial services provider’s stock valued at $636,000 after purchasing an additional 151 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Hovde Group cut Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. UBS Group lowered their price target on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a report on Tuesday, September 2nd. Barclays lowered their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Monday, July 28th. Finally, Citigroup dropped their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $111.50.

Insider Transactions at Pinnacle Financial Partners

In other news, Director G Kennedy Thompson acquired 10,000 shares of the business’s stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the acquisition, the director directly owned 28,372 shares of the company’s stock, valued at $2,430,061.80. This represents a 54.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Harold R. Carpenter bought 1,000 shares of the stock in a transaction dated Thursday, July 31st. The shares were acquired at an average price 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 of the company’s stock, valued at approximately $9,426,136.50. This represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 12,174 shares of company stock valued at $1,047,079. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.0%

Shares of NASDAQ PNFP opened at $95.09 on Thursday. The stock has a fifty day moving average price of $96.32 and a 200 day moving average price of $101.98. 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 company has a market cap of $7.38 billion, a P/E ratio of 12.61 and a beta of 1.07.

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

Pinnacle Financial Partners Announces Dividend

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