Angel Oak Capital Advisors LLC Sells 4,800 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Angel Oak Capital Advisors LLC reduced its stake in Pinnacle Financial Partners by 54.5% during the first quarter, now owning 4,000 shares valued at $424,000.
• Analyst ratings have fluctuated, with Wells Fargo & Company lowering its target price from $125.00 to $110.00, while Truist Financial raised theirs from $123.00 to $127.00.
• Pinnacle Financial Partners declared a quarterly dividend of $0.24 per share, with a yield of 1.1%, payable on August 29th.

Angel Oak Capital Advisors LLC lessened its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 54.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,000 shares of the financial services provider's stock after selling 4,800 shares during the quarter. Pinnacle Financial Partners makes up approximately 0.6% of Angel Oak Capital Advisors LLC's investment portfolio, making the stock its 27th largest position. Angel Oak Capital Advisors LLC's holdings in Pinnacle Financial Partners were worth $424,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Pinnacle Financial Partners during the 1st quarter valued at $48,000. Kapitalo Investimentos Ltda purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $78,000. UMB Bank n.a. lifted its position in Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after buying an additional 122 shares during the last quarter. GAMMA Investing LLC lifted its position in Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after purchasing an additional 551 shares during the last quarter. Finally, Portside Wealth Group LLC bought a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $210,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Down 0.7%

Shares of NASDAQ PNFP traded down $0.62 during mid-day trading on Monday, reaching $89.30. 1,153,174 shares of the company were exchanged, compared to its average volume of 2,157,848. The firm has a 50-day moving average of $105.73 and a 200 day moving average of $106.81. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The stock has a market cap of $6.93 billion, a price-to-earnings ratio of 11.84 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34.

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 for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The company's revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's payout ratio is currently 12.73%.

Analyst Ratings Changes

PNFP has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on 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. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods increased their target price on Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a "market perform" rating in a research note on Thursday, July 17th. Citigroup lowered their price target on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Finally, Hovde Group downgraded Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $118.30.

Insider Activity at Pinnacle Financial Partners

In related news, Director Thomas C. Farnsworth III acquired 1,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director G Kennedy Thompson acquired 10,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the purchase, the director owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 12,174 shares of company stock valued at $1,047,079 over the last three months. 1.46% of the stock is owned by insiders.

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.