King Luther Capital Management Corp Trims Stock Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• King Luther Capital Management Corp reduced its stake in Pinnacle Financial Partners by 4.1%, holding 72,600 shares valued at approximately $7.7 million after selling 3,095 shares in the first quarter.
• Several hedge funds are actively trading Pinnacle Financial Partners' stock, with GAMMA Investing LLC increasing its position by 51.7% during the same period.
• Pinnacle Financial Partners announced a quarterly dividend of $0.24 per share, with an annualized yield of 1.1%, signaling a commitment to returning value to shareholders.

King Luther Capital Management Corp decreased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 72,600 shares of the financial services provider's stock after selling 3,095 shares during the quarter. King Luther Capital Management Corp owned approximately 0.09% of Pinnacle Financial Partners worth $7,699,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after purchasing an additional 551 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $850,000. Golden State Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $48,000. M&T Bank Corp lifted its stake in Pinnacle Financial Partners by 9.0% in the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock valued at $868,000 after buying an additional 674 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Pinnacle Financial Partners by 3.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock valued at $14,892,000 after buying an additional 4,356 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $3.10 on Tuesday, reaching $92.40. 1,497,771 shares of the company's stock were exchanged, compared to its average volume of 2,192,826. The stock has a fifty day moving average of $105.42 and a 200-day moving average of $106.71. 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 firm has a market cap of $7.17 billion, a PE ratio of 12.25 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million for 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%. Pinnacle Financial Partners's quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.63 earnings per share. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter bought 1,000 shares of the firm's stock in a transaction on Thursday, July 31st. The shares were bought at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the transaction, the chief financial officer owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Kennedy Thompson bought 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the transaction, the director owned 28,372 shares of the company's stock, valued at $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PNFP. Citigroup reduced their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Jefferies Financial Group reiterated a "hold" rating and issued a $110.00 price objective (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. JPMorgan Chase & Co. boosted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Truist Financial reissued a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $118.30.

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.