Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stock Position Lessened by Invesco Ltd.

Key Points

• Invesco Ltd. holds $260.55 million in Pinnacle Financial Partners, owning about 3.18% of the company after trimming its stake by 0.6%.
• Pinnacle Financial Partners reported a strong quarterly earnings result, with $2.00 EPS, exceeding the consensus estimate of $1.92, and a revenue increase of 15.1% year-over-year.
• The company recently announced a quarterly dividend of $0.24 per share, with a current dividend yield of 1.0% and a low payout ratio of 12.73%.

Invesco Ltd. lessened its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 0.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,457,084 shares of the financial services provider's stock after selling 15,751 shares during the quarter. Invesco Ltd. owned approximately 3.18% of Pinnacle Financial Partners worth $260,549,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PNFP. Wells Fargo & Company MN raised its stake in Pinnacle Financial Partners by 0.6% in the 4th quarter. Wells Fargo & Company MN now owns 129,921 shares of the financial services provider's stock valued at $14,862,000 after purchasing an additional 724 shares during the last quarter. Bank of Montreal Can grew its holdings in Pinnacle Financial Partners by 11.3% in the 4th quarter. Bank of Montreal Can now owns 9,910 shares of the financial services provider's stock valued at $1,134,000 after buying an additional 1,005 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Pinnacle Financial Partners by 44.1% during the 4th quarter. Renaissance Technologies LLC now owns 58,796 shares of the financial services provider's stock worth $6,726,000 after purchasing an additional 18,000 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $405,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $44,737,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Activity at Pinnacle Financial Partners

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 shares were acquired at an average cost of $85.65 per share, with a total value of $856,500.00. Following the transaction, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. This represents a 3.67% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 12,174 shares of company stock valued at $1,047,079. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Down 1.3%

Shares of PNFP traded down $1.19 during trading on Friday, reaching $92.23. The company's stock had a trading volume of 1,200,289 shares, compared to its average volume of 2,245,113. The company has a fifty day moving average of $104.61 and a two-hundred day moving average of $106.05. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The company has a market cap of $7.15 billion, a price-to-earnings ratio of 12.23 and a beta of 1.03. 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 posted 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 for the quarter, compared to analyst estimates of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The business's revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Stephens decreased their price target on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a report on Tuesday, July 29th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $114.80.

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.