Adage Capital Partners GP L.L.C. Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Adage Capital Partners GP L.L.C. bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 29,000 shares of the financial services provider's stock, valued at approximately $3,075,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Dark Forest Capital Management LP purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $4,338,000. Graham Capital Management L.P. purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $1,426,000. Junto Capital Management LP grew its holdings in shares of Pinnacle Financial Partners by 28.7% during the 1st quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock worth $47,302,000 after acquiring an additional 99,495 shares during the period. Azora Capital LP grew its holdings in shares of Pinnacle Financial Partners by 9.2% during the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider's stock worth $105,878,000 after acquiring an additional 84,538 shares during the period. Finally, Kodai Capital Management LP purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $5,639,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. UBS Group lowered their target price on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a report on Tuesday, September 2nd. Stephens lowered their target price on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. Wells Fargo & Company lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. Keefe, Bruyette & Woods lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a report on Wednesday, August 13th. Finally, Citigroup lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $113.50.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $0.49 during trading hours on Friday, reaching $97.32. The company had a trading volume of 391,981 shares, compared to its average volume of 777,522. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 12.89 and a beta of 1.07. The firm's 50 day moving average price is $100.25 and its 200-day moving average price is $102.88.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the previous year, the firm posted $1.63 EPS. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners's payout ratio is presently 12.73%.

Insider Activity

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter acquired 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $84.94 per share, with a total value of $84,940.00. Following the transaction, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 12,174 shares of company stock valued at $1,047,079 in the last 90 days. Company insiders own 1.46% of the company's stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.