Corient Private Wealth LP Has $3.43 Million Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Corient Private Wealth cut its Pinnacle Financial Partners stake by 41.6% in the second quarter, selling 24,224 shares and retaining 34,036 shares valued at approximately $3.43 million.
• Institutional investors own 87.4% of PNFP, with Amundi increasing its position by 41.9% and several other firms establishing or adding to stakes.
• Pinnacle reported quarterly EPS of $2.50, ahead of the $2.46 consensus, and pays a $0.50 quarterly dividend. Analysts maintain a “Moderate Buy” consensus with an average price target of $119.68, above the reported $96.80 share price.

Corient Private Wealth LP reduced its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 41.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,036 shares of the company's stock after selling 24,224 shares during the period. Corient Private Wealth LP's holdings in Pinnacle Financial Partners were worth $3,434,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Formuepleje A S acquired a new stake in Pinnacle Financial Partners during the second quarter valued at approximately $1,745,000. Amundi raised its holdings in shares of Pinnacle Financial Partners by 41.9% in the 2nd quarter. Amundi now owns 438,722 shares of the company's stock worth $44,258,000 after buying an additional 129,477 shares in the last quarter. Brown Financial Advisors lifted its position in shares of Pinnacle Financial Partners by 2.7% during the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company's stock worth $405,000 after buying an additional 105 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $79,000. Finally, Wedmont Private Capital boosted its stake in Pinnacle Financial Partners by 3.0% in the 2nd quarter. Wedmont Private Capital now owns 8,957 shares of the company's stock valued at $900,000 after buying an additional 260 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $96.80 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 0.39 and a beta of 1.01. The firm has a 50 day moving average of $102.06. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. The ex-dividend date was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. Pinnacle Financial Partners's payout ratio is presently 27.47%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley started coverage on Pinnacle Financial Partners in a research report on Tuesday, September 8th. They issued an "overweight" rating and a $137.00 price target on the stock. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a report on Monday, July 27th. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a research note on Friday, July 24th. Weiss Ratings raised shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 26th. Finally, TD Cowen increased their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.68.

Insider Transactions at Pinnacle Financial Partners

In related news, insider M. Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the sale, the insider directly owned 302,230 shares in the company, valued at $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company's stock in a transaction on Friday, July 24th. The shares were purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. 1.30% of the stock is owned by company insiders.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.