Angel Oak Capital Advisors LLC Boosts Holdings in Pinnacle Financial Partners, Inc. $PNFP

Angel Oak Capital Advisors LLC raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 25.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,000 shares of the financial services provider’s stock after acquiring an additional 1,000 shares during the quarter. Pinnacle Financial Partners makes up approximately 0.8% of Angel Oak Capital Advisors LLC’s holdings, making the stock its 27th largest position. Angel Oak Capital Advisors LLC’s holdings in Pinnacle Financial Partners were worth $552,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PNFP. Millennium Management LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at $77,207,000. Nuveen LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $26,879,000. Junto Capital Management LP lifted its holdings 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 valued at $47,302,000 after buying an additional 99,495 shares during the period. AQR Capital Management LLC boosted its position in Pinnacle Financial Partners by 309.4% in the first 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 during the last quarter. Finally, Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 5.9% during 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. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $87.87 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company’s fifty day moving average price is $91.09 and its 200-day moving average price is $99.49. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $6.82 billion, a PE ratio of 11.17 and a beta of 1.12.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same period in the previous year, the business posted $1.86 EPS. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Insider Transactions at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson acquired 5,000 shares of the stock in a transaction on Monday, October 20th. The shares were acquired at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the transaction, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on PNFP shares. TD Cowen started coverage on Pinnacle Financial Partners in a research report on Thursday, September 25th. They issued a “buy” rating and a $122.00 price target for the company. Citigroup dropped 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. Keefe, Bruyette & Woods reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 13th. UBS Group cut their price objective on shares of Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Finally, Barclays raised their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $109.55.

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.