Millennium Management LLC Takes $77.21 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Millennium Management LLC acquired approximately 728,090 shares of Pinnacle Financial Partners worth around $77.2 million, representing about 0.94% of the company's stock.
• Insider purchases included 10,000 shares by Director G Kennedy Thompson, increasing their stake by 54.43%, while CFO Harold R. Carpenter bought 1,000 shares with a 0.96% ownership increase.
• Pinnacle Financial Partners reported earnings of **$2.00** per share for the last quarter, exceeding expectations, with a year-over-year revenue increase of 15.1%.

Millennium Management LLC purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 728,090 shares of the financial services provider's stock, valued at approximately $77,207,000. Millennium Management LLC owned approximately 0.94% of Pinnacle Financial Partners at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PNFP. Nuveen LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter worth approximately $26,879,000. GAMMA Investing LLC raised its position in Pinnacle Financial Partners by 15,990.2% during the first quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock valued at $18,171,000 after acquiring an additional 170,296 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Pinnacle Financial Partners by 49.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 434,749 shares of the financial services provider's stock valued at $49,731,000 after acquiring an additional 143,026 shares in the last quarter. Junto Capital Management LP raised its position in Pinnacle Financial Partners by 28.7% during the first quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock valued at $47,302,000 after acquiring an additional 99,495 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Pinnacle Financial Partners by 309.4% during the first quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider's stock valued at $13,473,000 after acquiring an additional 97,876 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director G Kennedy Thompson purchased 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 purchase, the director directly owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company's stock, 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 have acquired 12,174 shares of company stock worth $1,047,079 over the last 90 days. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $0.23 during midday trading on Friday, hitting $97.57. The company had a trading volume of 463,357 shares, compared to its average volume of 777,729. The business's 50 day simple moving average is $100.25 and its two-hundred day simple moving average is $102.88. The stock has a market cap of $7.57 billion, a PE ratio of 12.95 and a beta of 1.07. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

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. The business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. Pinnacle Financial Partners's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the company posted $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 business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were paid a $0.24 dividend. The ex-dividend date was Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PNFP shares. Citigroup cut their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Hovde Group lowered shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. UBS Group dropped their price target on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $113.50.

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.