Fifth Third Bancorp reduced its stake in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 9.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,355 shares of the financial services provider’s stock after selling 540 shares during the quarter. Fifth Third Bancorp’s holdings in Pinnacle Financial Partners were worth $225,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Pinnacle Financial Partners by 31.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,677 shares of the financial services provider’s stock valued at $364,000 after purchasing an additional 2,089 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of Pinnacle Financial Partners by 3.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 88,899 shares of the financial services provider’s stock worth $3,337,000 after buying an additional 2,918 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Pinnacle Financial Partners by 71.1% in the first quarter. Treasurer of the State of North Carolina now owns 30,929 shares of the financial services provider’s stock valued at $1,161,000 after acquiring an additional 12,850 shares during the last quarter. Legal & General Group Plc lifted its stake in Pinnacle Financial Partners by 7.3% in the first quarter. Legal & General Group Plc now owns 113,375 shares of the financial services provider’s stock valued at $4,256,000 after acquiring an additional 7,692 shares during the last quarter. Finally, FDx Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $662,000. Hedge funds and other institutional investors own 78.96% of the company’s stock.
A number of research firms have recently weighed in on PNFP. Raymond James upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Wednesday, June 17th. Zacks Investment Research raised Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, July 2nd. Wells Fargo & Co boosted their price target on Pinnacle Financial Partners from $39.00 to $44.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. UBS Group raised their price objective on shares of Pinnacle Financial Partners from $32.50 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. boosted their target price on Pinnacle Financial Partners from $38.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $47.43.
Shares of PNFP stock opened at $41.81 on Wednesday. Pinnacle Financial Partners has a 12-month low of $27.80 and a 12-month high of $65.00. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average of $40.74 and a 200-day moving average of $43.57. The firm has a market cap of $3.33 billion, a P/E ratio of 10.72 and a beta of 1.39.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.05). The firm had revenue of $273.61 million during the quarter, compared to the consensus estimate of $270.63 million. Pinnacle Financial Partners had a net margin of 22.12% and a return on equity of 6.94%. As a group, equities analysts expect that Pinnacle Financial Partners will post 3.16 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, August 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 11.92%.
In other Pinnacle Financial Partners news, Director Joseph C. Galante bought 4,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were acquired at an average price of $47.50 per share, with a total value of $190,000.00. Following the acquisition, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $190,000. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director David B. Ingram bought 40,000 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were bought at an average price of $41.87 per share, for a total transaction of $1,674,800.00. Following the transaction, the director now owns 120,000 shares of the company’s stock, valued at $5,024,400. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 56,000 shares of company stock valued at $2,434,800 and have sold 13,035 shares valued at $561,219. 2.98% of the stock is owned by company insiders.
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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