AlphaQuest LLC Buys New Position in Pinnacle Financial Partners, Inc. $PNFP

AlphaQuest LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,778 shares of the financial services provider’s stock, valued at approximately $417,000.

Several other hedge funds also recently added to or reduced their stakes in PNFP. 1248 Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter valued at about $29,000. Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners in the second quarter valued at about $45,000. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at about $48,000. SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pinnacle Financial Partners in the first quarter valued at about $57,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Stephens cut their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. TD Cowen assumed coverage on Pinnacle Financial Partners in a report on Thursday, September 25th. They issued a “buy” rating and a $122.00 price objective on the stock. Citigroup cut their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Jefferies Financial Group reissued a “hold” rating and issued a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Finally, Wells Fargo & Company cut their price objective on 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. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $110.27.

Pinnacle Financial Partners Stock Down 2.0%

Shares of PNFP opened at $84.38 on Thursday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of 10.72 and a beta of 1.02. The stock’s 50-day moving average price is $93.36 and its 200-day moving average price is $100.26.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The firm 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 business earned $1.86 earnings per share. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.20%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III purchased 1,000 shares of the stock in a transaction on Friday, August 1st. The shares were bought at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares of the company’s stock, valued at $2,401,848.38. This trade represents a 3.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director G Kennedy Thompson purchased 10,000 shares of the stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the transaction, 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 SEC filing for this purchase provides additional information. Insiders have acquired 16,000 shares of company stock worth $1,379,590 in the last quarter. 1.46% of the stock is currently owned by company 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.