Oxbow Advisors LLC cut its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,690 shares of the financial services provider’s stock after selling 2,465 shares during the period. Oxbow Advisors LLC’s holdings in Pinnacle Financial Partners were worth $2,366,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Pinnacle Financial Partners by 42.6% during the second quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock worth $366,796,000 after acquiring an additional 1,746,012 shares during the period. Jennison Associates LLC boosted its holdings in Pinnacle Financial Partners by 51.7% during the fourth quarter. Jennison Associates LLC now owns 2,861,331 shares of the financial services provider’s stock worth $189,706,000 after buying an additional 974,772 shares in the last quarter. Pinnacle Financial Partners Inc. boosted its holdings in Pinnacle Financial Partners by 337.7% during the third quarter. Pinnacle Financial Partners Inc. now owns 1,112,747 shares of the financial services provider’s stock worth $74,498,000 after buying an additional 858,514 shares in the last quarter. State Street Corp boosted its holdings in Pinnacle Financial Partners by 42.8% during the second quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock worth $171,658,000 after buying an additional 819,858 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Pinnacle Financial Partners by 56.0% during the second quarter. Goldman Sachs Group Inc. now owns 2,128,192 shares of the financial services provider’s stock worth $133,651,000 after buying an additional 764,072 shares in the last quarter. Institutional investors own 72.60% of the company’s stock.
Pinnacle Financial Partners (NASDAQ PNFP) traded up $0.25 during trading on Wednesday, hitting $62.15. 208,400 shares of the stock traded hands, compared to its average volume of 578,061. Pinnacle Financial Partners has a 52 week low of $58.40 and a 52 week high of $71.55. The firm has a market capitalization of $4,812.08, a price-to-earnings ratio of 22.20, a P/E/G ratio of 0.94 and a beta of 1.13. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.48.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.03. Pinnacle Financial Partners had a net margin of 22.27% and a return on equity of 7.24%. The business had revenue of $211.20 million during the quarter, compared to analyst estimates of $224.62 million. During the same period last year, the business earned $0.83 EPS. The business’s revenue was down 2.3% on a year-over-year basis. sell-side analysts forecast that Pinnacle Financial Partners will post 4.7 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 2nd will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $0.56 dividend on an annualized basis and a yield of 0.90%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 20.00%.
In other news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $65.96, for a total value of $197,880.00. Following the transaction, the insider now directly owns 52,794 shares in the company, valued at approximately $3,482,292.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO M Terry Turner sold 31,171 shares of the firm’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $67.11, for a total transaction of $2,091,885.81. Following the completion of the transaction, the chief executive officer now owns 489,701 shares in the company, valued at $32,863,834.11. The disclosure for this sale can be found here. Insiders have sold a total of 57,044 shares of company stock worth $3,791,760 over the last quarter. 5.41% of the stock is currently owned by insiders.
Several analysts have issued reports on PNFP shares. BidaskClub downgraded shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Wells Fargo & Co began coverage on shares of Pinnacle Financial Partners in a research note on Thursday, December 21st. They set an “outperform” rating and a $80.00 price objective on the stock. Hilliard Lyons lowered shares of Pinnacle Financial Partners from a “buy” rating to a “neutral” rating and set a $74.00 price target for the company. in a research report on Friday, October 20th. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research report on Wednesday, December 20th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research report on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $76.14.
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Pinnacle Financial Partners Profile
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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