Creative Planning Purchases 5,079 Shares of Pinnacle Financial Partners, Inc. $PNFP

Creative Planning lifted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 23.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,140 shares of the financial services provider’s stock after purchasing an additional 5,079 shares during the quarter. Creative Planning’s holdings in Pinnacle Financial Partners were worth $2,996,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNFP. Wellington Management Group LLP lifted 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. Fenimore Asset Management Inc increased its stake in shares of Pinnacle Financial Partners by 2.2% in the 2nd quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock worth $118,908,000 after acquiring an additional 23,552 shares in the last quarter. Azora Capital LP lifted its position in Pinnacle Financial Partners by 9.2% during the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock valued at $105,878,000 after acquiring an additional 84,538 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Pinnacle Financial Partners by 2.0% during 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 acquiring an additional 18,807 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in Pinnacle Financial Partners during the first quarter worth about $77,207,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on PNFP. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pinnacle Financial Partners in a research note on Friday, October 31st. Stephens reduced their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Keefe, Bruyette & Woods dropped their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a report on Wednesday, August 13th. Barclays raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Finally, UBS Group lowered their price target on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $109.55.

Insider Transactions at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson bought 5,000 shares of the business’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $87.63 per share, with a total value 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 SEC, which is accessible through this link. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Up 3.2%

Shares of NASDAQ:PNFP opened at $90.12 on Monday. The company has a market cap of $6.99 billion, a P/E ratio of 11.45 and a beta of 1.12. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The stock’s fifty day moving average price is $89.87 and its 200-day moving average price is $98.79.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period last year, the company earned $1.86 EPS. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed 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. 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 12.20%.

Pinnacle Financial Partners 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.