Informed Momentum Co LLC Sells 15,645 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Informed Momentum Co LLC reduced its stock holdings in Pinnacle Financial Partners by 41.3%, selling 15,645 shares, leaving them with 22,205 shares valued at $2.36 million as of the end of the last quarter.
• Several institutional investors have adjusted their positions, with Wells Fargo and Renaissance Technologies LLC increasing their stakes, indicating strong institutional interest in Pinnacle Financial Partners.
• Pinnacle Financial Partners has recently declared a quarterly dividend of $0.24 per share, reflecting a 1.0% yield with a low payout ratio of 12.73%.

Informed Momentum Co LLC decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 41.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,205 shares of the financial services provider's stock after selling 15,645 shares during the period. Informed Momentum Co LLC's holdings in Pinnacle Financial Partners were worth $2,355,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its holdings in Pinnacle Financial Partners by 8.4% during the 1st quarter. HighTower Advisors LLC now owns 8,639 shares of the financial services provider's stock worth $916,000 after buying an additional 666 shares during the period. Nuveen LLC acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth about $26,879,000. Benjamin Edwards Inc. raised its holdings in Pinnacle Financial Partners by 7.7% during the 1st quarter. Benjamin Edwards Inc. now owns 9,215 shares of the financial services provider's stock worth $977,000 after buying an additional 655 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth about $234,000. Finally, Townsquare Capital LLC increased its holdings in shares of Pinnacle Financial Partners by 15.9% in the 1st quarter. Townsquare Capital LLC now owns 10,274 shares of the financial services provider's stock valued at $1,089,000 after purchasing an additional 1,407 shares during the period. Institutional investors own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter acquired 1,000 shares of the company's stock in a transaction on Thursday, July 31st. The stock was purchased at an average cost of $89.73 per share, with a total value of $89,730.00. Following the acquisition, the chief financial officer directly owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $84.94 per share, with a total value of $84,940.00. Following the completion of the acquisition, the director directly owned 28,277 shares in the company, valued at approximately $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 12,174 shares of company stock valued at $1,047,079 in the last three months. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Down 1.3%

Pinnacle Financial Partners stock traded down $1.19 during midday trading on Friday, reaching $92.23. The stock had a trading volume of 1,200,289 shares, compared to its average volume of 2,245,113. The firm's fifty day simple moving average is $104.61 and its 200-day simple moving average is $106.05. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The stock has a market capitalization of $7.15 billion, a P/E ratio of 12.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating 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 quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 EPS. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group reiterated a "hold" rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Keefe, Bruyette & Woods dropped their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a report on Wednesday. Barclays lowered their price target on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $114.80.

Pinnacle Financial Partners Company 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.