Xact Kapitalforvaltning AB boosted its stake in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 9.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,095 shares of the financial services provider’s stock after purchasing an additional 1,000 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Pinnacle Financial Partners were worth $667,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at $133,000. Paloma Partners Management Co acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at $209,000. Brown Advisory Inc. acquired a new position in Pinnacle Financial Partners during the 1st quarter valued at $345,000. Signition LP acquired a new position in Pinnacle Financial Partners during the 2nd quarter valued at $351,000. Finally, Quantitative Systematic Strategies LLC raised its stake in Pinnacle Financial Partners by 25.2% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 5,716 shares of the financial services provider’s stock valued at $351,000 after purchasing an additional 1,150 shares during the last quarter. Hedge funds and other institutional investors own 77.84% of the company’s stock.
Shares of Pinnacle Financial Partners stock opened at $53.39 on Wednesday. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 14.96, a price-to-earnings-growth ratio of 0.71 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 0.97. Pinnacle Financial Partners has a 52-week low of $49.92 and a 52-week high of $69.95.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The firm had revenue of $240.90 million for the quarter, compared to analyst estimates of $236.67 million. Pinnacle Financial Partners had a net margin of 26.97% and a return on equity of 9.09%. During the same quarter in the previous year, the firm posted $0.90 EPS. Analysts expect that Pinnacle Financial Partners will post 4.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 2nd will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.20%. The ex-dividend date is Thursday, November 1st. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. Pinnacle Financial Partners’s payout ratio is 17.93%.
In other news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction dated Tuesday, September 25th. The shares were sold at an average price of $63.49, for a total value of $101,584.00. Following the sale, the insider now owns 27,975 shares of the company’s stock, valued at approximately $1,776,132.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.39% of the stock is currently owned by corporate insiders.
Several equities analysts recently commented on the stock. BidaskClub upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a research note on Saturday, August 18th. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Stephens reissued a “buy” rating and issued a $74.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, October 3rd. Wells Fargo & Co set a $72.00 price target on shares of Pinnacle Financial Partners and gave the company a “buy” rating in a report on Tuesday, October 2nd. Finally, Raymond James lowered their price target on shares of Pinnacle Financial Partners from $72.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, October 18th. Three investment analysts have rated the stock with a sell rating and eleven have assigned a buy rating to the stock. Pinnacle Financial Partners has an average rating of “Buy” and a consensus price target of $70.67.
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Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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