SG Americas Securities LLC raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 47.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,996 shares of the financial services provider’s stock after buying an additional 20,881 shares during the period. SG Americas Securities LLC owned approximately 0.12% of Pinnacle Financial Partners worth $4,082,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Creative Planning acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $107,000. Glen Harbor Capital Management LLC increased its position in shares of Pinnacle Financial Partners by 6.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,716 shares of the financial services provider’s stock worth $114,000 after buying an additional 110 shares during the last quarter. Founders Capital Management acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $135,000. Elkfork Partners LLC increased its position in shares of Pinnacle Financial Partners by 6.8% in the first quarter. Elkfork Partners LLC now owns 2,184 shares of the financial services provider’s stock worth $145,000 after buying an additional 140 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $151,000. 77.76% of the stock is currently owned by hedge funds and other institutional investors.
Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) opened at 59.70 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $49.40 and a 12-month high of $71.85. The firm has a 50-day moving average price of $63.37 and a 200-day moving average price of $64.65. The company has a market cap of $4.59 billion, a P/E ratio of 19.18 and a beta of 1.27.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The firm had revenue of $141.70 million for the quarter, compared to the consensus estimate of $130.23 million. During the same period in the previous year, the business earned $0.75 EPS. The firm’s revenue for the quarter was up 31.4% on a year-over-year basis. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post $3.47 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be paid a dividend of $0.14 per share. The ex-dividend date is Wednesday, August 2nd. This represents a $0.56 annualized dividend and a yield of 0.94%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 18.01%.
A number of brokerages have recently issued reports on PNFP. BidaskClub downgraded Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Stephens reaffirmed a “hold” rating and set a $71.00 price target on shares of Pinnacle Financial Partners in a report on Thursday, July 20th. Finally, Hilliard Lyons reaffirmed a “neutral” rating and set a $69.00 price target (down from $71.00) on shares of Pinnacle Financial Partners in a report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus target price of $65.20.
In other Pinnacle Financial Partners news, CEO M Terry Turner sold 101,480 shares of Pinnacle Financial Partners stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $64.82, for a total transaction of $6,577,933.60. Following the completion of the sale, the chief executive officer now owns 538,441 shares of the company’s stock, valued at approximately $34,901,745.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph C. Galante purchased 1,000 shares of the stock in a transaction on Wednesday, May 31st. The shares were purchased at an average cost of $59.73 per share, with a total value of $59,730.00. Following the transaction, the director now owns 18,511 shares in the company, valued at approximately $1,105,662.03. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 107,480 shares of company stock worth $6,962,234. 5.41% of the stock is owned by company insiders.
Pinnacle Financial Partners Company 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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