Councilmark Asset Management LLC Acquires Shares of 9,000 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Councilmark Asset Management LLC acquired 9,000 shares of Pinnacle Financial Partners, Inc. for approximately $954,000 in the first quarter, indicating increased interest by institutional investors.
• Pinnacle Financial Partners reported quarterly earnings of $2.00 per share, surpassing analyst expectations, while its revenue grew by 15.1% year-over-year.
• The company declared a quarterly dividend of $0.24 per share, providing an annualized yield of 1.05%, with a payout ratio of 12.73%.

Councilmark Asset Management LLC purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 9,000 shares of the financial services provider's stock, valued at approximately $954,000.

Several other hedge funds have also bought and sold shares of PNFP. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Pinnacle Financial Partners by 2.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,848 shares of the financial services provider's stock valued at $2,211,000 after purchasing an additional 463 shares during the last quarter. TD Asset Management Inc boosted its position in Pinnacle Financial Partners by 1.1% in the 1st quarter. TD Asset Management Inc now owns 41,574 shares of the financial services provider's stock valued at $4,409,000 after buying an additional 468 shares during the period. HB Wealth Management LLC boosted its position in Pinnacle Financial Partners by 46.8% in the 1st quarter. HB Wealth Management LLC now owns 4,734 shares of the financial services provider's stock valued at $502,000 after buying an additional 1,510 shares during the period. Cetera Investment Advisers boosted its position in Pinnacle Financial Partners by 36.1% in the 1st quarter. Cetera Investment Advisers now owns 16,725 shares of the financial services provider's stock valued at $1,774,000 after buying an additional 4,435 shares during the period. Finally, KLP Kapitalforvaltning AS boosted its position in Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock valued at $1,675,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analyst Ratings Changes

PNFP has been the topic of a number of recent research reports. Barclays dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research note on Monday. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday. Wells Fargo & Company cut their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday. UBS Group reissued a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Finally, Citigroup cut their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $118.30.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded up $0.44 during mid-day trading on Tuesday, reaching $92.29. The stock had a trading volume of 1,606,898 shares, compared to its average volume of 633,156. The business's fifty day moving average is $109.28 and its 200-day moving average is $108.96. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The firm has a market cap of $7.16 billion, a price-to-earnings ratio of 12.24 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

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.