BloombergSen Inc. Sells 10,677 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• BloombergSen Inc. has reduced its holdings in Pinnacle Financial Partners by 1.2%, selling 10,677 shares and maintaining 872,144 shares, making it the 7th largest position in their portfolio.
• Multiple institutional investors have increased their stakes in Pinnacle Financial Partners, with Wellington Management Group boosting shares by 5.9% and Azora Capital LP by 9.2% in the last quarter.
• Pinnacle Financial Partners recently reported a quarterly earnings per share of $2.00, exceeding analysts' expectations and demonstrating a strong year-over-year revenue growth of 15.1%.

BloombergSen Inc. reduced its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 872,144 shares of the financial services provider's stock after selling 10,677 shares during the period. Pinnacle Financial Partners comprises about 5.9% of BloombergSen Inc.'s investment portfolio, making the stock its 7th biggest position. BloombergSen Inc. owned 1.12% of Pinnacle Financial Partners worth $96,293,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 5.9% during the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider's stock valued at $168,873,000 after acquiring an additional 88,282 shares in the last quarter. Azora Capital LP boosted its position 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 valued at $105,878,000 after acquiring an additional 84,538 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Pinnacle Financial Partners by 2.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider's stock valued at $103,767,000 after acquiring an additional 18,807 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Pinnacle Financial Partners by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider's stock valued at $93,458,000 after acquiring an additional 32,975 shares in the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at about $77,207,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on PNFP shares. Citigroup decreased their target price 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, July 25th. TD Cowen began coverage on shares of Pinnacle Financial Partners in a report on Thursday, September 25th. They set a "buy" rating and a $122.00 price target for the company. Keefe, Bruyette & Woods cut their price target 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. JPMorgan Chase & Co. lifted their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $112.45.

Pinnacle Financial Partners Trading Down 0.5%

Shares of NASDAQ PNFP opened at $93.31 on Thursday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a market cap of $7.24 billion, a PE ratio of 12.38 and a beta of 1.02. 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 company has a 50-day moving average of $94.34 and a two-hundred day moving average of $101.77.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results 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. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The company had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same period in the previous year, the firm posted $1.63 earnings per share. The company's revenue was up 15.1% on a year-over-year basis. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared 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 was Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. Pinnacle Financial Partners's payout ratio is currently 12.73%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III purchased 1,000 shares of the stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the transaction, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Harold R. Carpenter purchased 1,000 shares of the stock in a transaction dated Thursday, July 31st. The shares were acquired at an average price of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% 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 worth $1,047,079 in the last quarter. 1.46% of the stock is owned by company 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.

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