Ceredex Value Advisors LLC Lowers Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Ceredex Value Advisors LLC reduced its holdings in Pinnacle Financial Partners by 13.8% in Q1, now owning approximately $12.65 million of the company's stock.
• The CFO and a director of Pinnacle Financial Partners made significant insider purchases, collectively acquiring over 11,000 shares valued at more than $946,000.
• Pinnacle Financial Partners reported earnings of $2.00 per share for the last quarter, exceeding expectations, with a 15.1% year-over-year revenue increase.

Ceredex Value Advisors LLC lowered its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 13.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 119,265 shares of the financial services provider's stock after selling 19,050 shares during the quarter. Ceredex Value Advisors LLC owned about 0.15% of Pinnacle Financial Partners worth $12,647,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners in the 1st quarter worth approximately $48,000. SVB Wealth LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter valued at approximately $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Pinnacle Financial Partners during the first quarter valued at $57,000. Kapitalo Investimentos Ltda purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $78,000. Finally, Brooklyn Investment Group increased its position in shares of Pinnacle Financial Partners by 15.3% during the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after acquiring an additional 110 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PNFP. Wells Fargo & Company decreased 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 note on Friday, July 25th. Barclays reduced their price objective on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Hovde Group cut shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Citigroup lowered their price target on shares of 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, Jefferies Financial Group restated a "hold" rating and set a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $114.80.

Pinnacle Financial Partners Stock Up 0.4%

NASDAQ PNFP traded up $0.39 on Friday, reaching $97.22. The company had a trading volume of 1,267,301 shares, compared to its average volume of 1,574,464. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The stock has a market capitalization of $7.54 billion, a P/E ratio of 12.89 and a beta of 1.03. The company's fifty day moving average is $102.67 and its 200 day moving average is $104.17. 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 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. The business had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The firm's revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.63 EPS. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be given a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio is presently 12.73%.

Insiders Place Their Bets

In other news, Director G Kennedy Thompson purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the purchase, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Harold R. Carpenter purchased 1,000 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of $89.73 per share, for a total transaction 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. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock worth $1,047,079 over the last quarter. 1.46% of the stock is currently owned by corporate 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.