BloombergSen Inc. Trims Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• BloombergSen Inc. has decreased its stake in Pinnacle Financial Partners by 1.7% during the first quarter, now holding approximately 882,821 shares of the company.
• Analysts have mixed views on Pinnacle Financial, with Wells Fargo reducing its price target to $110, while Barclays raised it to $140, indicating varied expectations for the stock's performance.
• Pinnacle Financial is set to pay a quarterly dividend of $0.24 on August 29th, translating to an annualized yield of 1.05%.

BloombergSen Inc. reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 882,821 shares of the financial services provider's stock after selling 15,484 shares during the quarter. Pinnacle Financial Partners comprises about 5.8% of BloombergSen Inc.'s investment portfolio, making the stock its 6th largest holding. BloombergSen Inc. owned 1.14% of Pinnacle Financial Partners worth $93,614,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cetera Investment Advisers grew its holdings in Pinnacle Financial Partners by 36.1% during the first quarter. Cetera Investment Advisers now owns 16,725 shares of the financial services provider's stock worth $1,774,000 after acquiring an additional 4,435 shares during the period. KLP Kapitalforvaltning AS increased its stake 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 worth $1,675,000 after purchasing an additional 100 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Pinnacle Financial Partners in the 1st quarter worth about $3,659,000. Verdence Capital Advisors LLC increased its stake in Pinnacle Financial Partners by 39.8% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,383 shares of the financial services provider's stock worth $465,000 after purchasing an additional 1,247 shares in the last quarter. Finally, Tectonic Advisors LLC increased its holdings in shares of Pinnacle Financial Partners by 20.9% in the 1st quarter. Tectonic Advisors LLC now owns 66,301 shares of the financial services provider's stock valued at $7,031,000 after purchasing an additional 11,467 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PNFP. Wells Fargo & Company reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday. UBS Group reiterated a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Citigroup reduced their price target on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a report on Friday. Barclays reduced their price target on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a report on Monday. Finally, Keefe, Bruyette & Woods boosted their target price on Pinnacle Financial Partners from $115.00 to $130.00 and gave the stock a "market perform" rating in a report on Thursday, July 17th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $122.10.

Pinnacle Financial Partners Stock Down 0.3%

PNFP stock traded down $0.32 during mid-day trading on Monday, reaching $91.25. The company had a trading volume of 1,129,471 shares, compared to its average volume of 616,275. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The stock has a 50 day simple moving average of $109.66 and a two-hundred day simple moving average of $109.10. The company has a market capitalization of $7.08 billion, a price-to-earnings ratio of 12.09 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. 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 company posted $1.63 EPS. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be issued a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 1.05%. Pinnacle Financial Partners's dividend payout ratio is presently 12.73%.

Pinnacle Financial Partners Profile

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.