Boston Partners Trims Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Boston Partners lowered its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,630 shares of the financial services provider’s stock after selling 6,510 shares during the period. Boston Partners owned 0.10% of Pinnacle Financial Partners worth $8,458,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Cetera Investment Advisers boosted its position in Pinnacle Financial Partners by 36.1% during the first quarter. Cetera Investment Advisers now owns 16,725 shares of the financial services provider’s stock worth $1,774,000 after purchasing an additional 4,435 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of Pinnacle Financial Partners by 46.8% in the first quarter. HB Wealth Management LLC now owns 4,734 shares of the financial services provider’s stock worth $502,000 after acquiring an additional 1,510 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Pinnacle Financial Partners by 1.1% during the 1st quarter. TD Asset Management Inc now owns 41,574 shares of the financial services provider’s stock worth $4,409,000 after buying an additional 468 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Pinnacle Financial Partners by 2.3% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,848 shares of the financial services provider’s stock valued at $2,211,000 after purchasing an additional 463 shares in the last quarter. Finally, LPL Financial LLC increased its position in shares of Pinnacle Financial Partners by 8.6% in the first quarter. LPL Financial LLC now owns 30,679 shares of the financial services provider’s stock worth $3,253,000 after acquiring an additional 2,424 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PNFP shares. Barclays boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, November 11th. Cowen assumed coverage on Pinnacle Financial Partners in a research report on Wednesday, September 24th. They set a “buy” rating for the company. 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 target price for the company. Keefe, Bruyette & Woods reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a report on Wednesday, August 13th. Finally, Wells Fargo & Company decreased their target price on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $109.55.

Insider Transactions at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total transaction of $630,075.00. Following the completion of the transaction, the chairman owned 202,505 shares in the company, valued at approximately $18,832,965. This trade represents a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director G Kennedy Thompson bought 5,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average cost of $87.63 per share, with a total value of $438,150.00. Following the acquisition, the director directly owned 33,372 shares in the company, valued at $2,924,388.36. This trade represents a 17.62% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Down 0.1%

Shares of NASDAQ PNFP opened at $91.86 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $7.13 billion, a PE ratio of 11.67 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $128.89. The business has a fifty day moving average of $89.43 and a two-hundred day moving average of $98.35.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results 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 for 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 prior year, the firm earned $1.86 earnings per share. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Friday, November 7th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, November 7th. Pinnacle Financial Partners’s payout ratio is currently 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.