California Public Employees Retirement System grew its holdings in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 20.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 199,041 shares of the financial services provider’s stock after buying an additional 33,964 shares during the quarter. California Public Employees Retirement System owned 0.26% of Pinnacle Financial Partners worth $11,296,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Lee Danner & Bass Inc. grew its stake in Pinnacle Financial Partners by 8.0% during the third quarter. Lee Danner & Bass Inc. now owns 167,608 shares of the financial services provider’s stock worth $9,512,000 after buying an additional 12,390 shares during the period. Chicago Equity Partners LLC acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth $1,385,000. Dupont Capital Management Corp lifted its position in shares of Pinnacle Financial Partners by 10.2% during the third quarter. Dupont Capital Management Corp now owns 8,215 shares of the financial services provider’s stock worth $466,000 after purchasing an additional 763 shares in the last quarter. Gibson Capital LLC acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth $204,000. Finally, Fenimore Asset Management Inc. lifted its position in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Fenimore Asset Management Inc. now owns 555,579 shares of the financial services provider’s stock worth $31,529,000 after purchasing an additional 3,746 shares in the last quarter. Institutional investors own 78.68% of the company’s stock.
PNFP has been the topic of a number of recent research reports. Stephens reissued a “hold” rating and set a $63.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, September 16th. JPMorgan Chase & Co. began coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 18th. They issued a “neutral” rating and a $62.00 price target on the stock. BidaskClub cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a report on Tuesday. Finally, ValuEngine raised shares of Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $62.00.
In other news, Director Ronald L. Samuel sold 500 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $61.07, for a total value of $30,535.00. Following the sale, the director now owns 20,675 shares in the company, valued at $1,262,622.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO M Terry Turner sold 47,174 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $56.96, for a total transaction of $2,687,031.04. Following the completion of the sale, the chief executive officer now owns 365,197 shares in the company, valued at approximately $20,801,621.12. The disclosure for this sale can be found here. Insiders have sold 107,076 shares of company stock valued at $6,244,005 over the last ninety days. Insiders own 2.97% of the company’s stock.
PNFP traded up $1.06 on Wednesday, reaching $61.81. The company had a trading volume of 419,669 shares, compared to its average volume of 407,570. The company has a fifty day moving average of $60.06 and a 200-day moving average of $56.86. The company has a market capitalization of $4.76 billion, a P/E ratio of 13.04, a PEG ratio of 0.72 and a beta of 1.45. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.65. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $62.16.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $1.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.10. Pinnacle Financial Partners had a net margin of 30.38% and a return on equity of 9.99%. The firm had revenue of $278.43 million during the quarter, compared to analyst estimates of $267.58 million. During the same quarter in the prior year, the firm posted $1.21 EPS. Pinnacle Financial Partners’s revenue was up 15.6% compared to the same quarter last year. Research analysts predict that Pinnacle Financial Partners will post 5.35 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 1st were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend was Thursday, October 31st. Pinnacle Financial Partners’s dividend payout ratio is presently 13.50%.
Pinnacle Financial Partners 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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