Pitcairn Co. Makes New $246,000 Investment in Pinnacle Financial Partners (NASDAQ:PNFP)

Pitcairn Co. bought a new position in Pinnacle Financial Partners (NASDAQ:PNFP) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,875 shares of the financial services provider’s stock, valued at approximately $246,000.

Several other institutional investors have also added to or reduced their stakes in PNFP. Frontier Capital Management Co. LLC raised its holdings in shares of Pinnacle Financial Partners by 112.1% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,297,278 shares of the financial services provider’s stock valued at $48,700,000 after purchasing an additional 685,612 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in shares of Pinnacle Financial Partners by 62.8% during the 1st quarter. Wedge Capital Management L L P NC now owns 1,706,323 shares of the financial services provider’s stock valued at $64,055,000 after purchasing an additional 658,476 shares in the last quarter. Norges Bank bought a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at $32,720,000. Copper Rock Capital Partners LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at $6,531,000. Finally, Ceredex Value Advisors LLC raised its holdings in shares of Pinnacle Financial Partners by 10.4% during the 1st quarter. Ceredex Value Advisors LLC now owns 1,941,500 shares of the financial services provider’s stock valued at $72,884,000 after purchasing an additional 182,575 shares in the last quarter. Institutional investors and hedge funds own 78.96% of the company’s stock.

A number of research analysts have recently weighed in on PNFP shares. Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Thursday, July 2nd. JPMorgan Chase & Co. raised their target price on shares of Pinnacle Financial Partners from $38.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, June 18th. Raymond James upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research note on Wednesday, June 17th. UBS Group raised their target price on shares of Pinnacle Financial Partners from $32.50 to $35.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Finally, SunTrust Banks raised their target price on shares of Pinnacle Financial Partners from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, June 15th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $47.43.

In other Pinnacle Financial Partners news, Chairman Richard D. Callicutt II acquired 12,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, June 3rd. The stock was bought at an average cost of $47.50 per share, with a total value of $570,000.00. Following the acquisition, the chairman now owns 12,000 shares of the company’s stock, valued at $570,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph C. Galante acquired 4,000 shares of Pinnacle Financial Partners stock in a transaction dated Wednesday, June 3rd. The shares were acquired at an average cost of $47.50 per share, with a total value of $190,000.00. Following the completion of the acquisition, the director now directly owns 4,000 shares in the company, valued at approximately $190,000. The disclosure for this purchase can be found here. Insiders acquired a total of 56,000 shares of company stock worth $2,434,800 over the last 90 days. Company insiders own 2.98% of the company’s stock.

NASDAQ PNFP opened at $39.62 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.98 and a quick ratio of 0.97. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 9.93 and a beta of 1.43. The company’s fifty day moving average is $40.75 and its two-hundred day moving average is $45.36. Pinnacle Financial Partners has a 52-week low of $27.80 and a 52-week high of $65.00.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.05). The company had revenue of $273.61 million during the quarter, compared to analyst estimates of $270.63 million. Pinnacle Financial Partners had a return on equity of 6.94% and a net margin of 22.12%. As a group, sell-side analysts expect that Pinnacle Financial Partners will post 3.16 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a $0.16 dividend. The ex-dividend date is Thursday, August 6th. This represents a $0.64 annualized dividend and a yield of 1.62%. Pinnacle Financial Partners’s dividend payout ratio is 11.92%.

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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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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