Channing Capital Management LLC Sells 110,240 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Channing Capital Management LLC reduced its stake in Pinnacle Financial Partners by 14.3%, selling 110,240 shares, leaving it with 659,394 shares valued at approximately $69.9 million.
• Pinnacle Financial Partners declared a quarterly dividend of $0.24, reflecting an annualized dividend yield of 1.0%, with a payment date set for August 29th.
• Recent analyst ratings for Pinnacle Financial Partners vary, with upgrades and downgrades leading to a consensus rating of "Hold" and a price target range adjusting from $104 to $145.

Channing Capital Management LLC cut its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 659,394 shares of the financial services provider's stock after selling 110,240 shares during the period. Pinnacle Financial Partners makes up approximately 2.1% of Channing Capital Management LLC's holdings, making the stock its 20th biggest position. Channing Capital Management LLC owned about 0.85% of Pinnacle Financial Partners worth $69,922,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PNFP. GAMMA Investing LLC increased its holdings in shares of 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 buying an additional 551 shares in the last quarter. Jefferies Financial Group Inc. acquired a new stake in shares of Pinnacle Financial Partners during the first quarter worth $850,000. Golden State Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the first quarter worth $48,000. M&T Bank Corp lifted its holdings in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock valued at $868,000 after purchasing an additional 674 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Pinnacle Financial Partners by 3.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock valued at $14,892,000 after purchasing an additional 4,356 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Up 4.1%

Shares of Pinnacle Financial Partners stock traded up $3.80 on Friday, hitting $96.19. 1,516,088 shares of the company traded hands, compared to its average volume of 2,123,961. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The company has a market cap of $7.46 billion, a PE ratio of 12.76 and a beta of 1.03. The company has a 50-day moving average price of $103.35 and a 200 day moving average price of $104.98.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (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 business had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. During the same period last year, the company earned $1.63 earnings per share. Pinnacle Financial Partners's quarterly revenue was up 15.1% compared to the same quarter last year. Sell-side analysts predict 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. 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 currently 12.73%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Barclays cut their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Citigroup cut 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. Truist Financial restated a "buy" rating and issued a $127.00 price target (up previously from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Jefferies Financial Group reiterated a "hold" rating and set a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $114.80.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 10,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. This trade represents a 54.43% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter purchased 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were acquired at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 12,174 shares of company stock worth $1,047,079. Insiders own 1.46% of the company's stock.

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.