Millennium Management LLC Invests $77.21 Million 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 acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 728,090 shares of the financial services provider's stock, valued at approximately $77,207,000. Millennium Management LLC owned about 0.94% of Pinnacle Financial Partners at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PNFP. KLP Kapitalforvaltning AS boosted its holdings in Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after acquiring an additional 100 shares during the period. Brooklyn Investment Group boosted its holdings in Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after acquiring an additional 110 shares during the period. Parallel Advisors LLC boosted its holdings in Pinnacle Financial Partners by 5.7% in the 1st quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock worth $227,000 after acquiring an additional 116 shares during the period. UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after acquiring an additional 122 shares during the period. Finally, Tidal Investments LLC boosted its holdings in Pinnacle Financial Partners by 4.7% in the 4th quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock worth $355,000 after acquiring an additional 140 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Up 0.1%

Shares of Pinnacle Financial Partners stock traded up $0.14 during trading on Thursday, reaching $97.83. 977,409 shares of the company were exchanged, compared to its average volume of 777,570. 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, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The business has a 50-day moving average price of $100.65 and a 200-day moving average price of $102.99. The firm has a market capitalization of $7.59 billion, a price-to-earnings ratio of 12.98 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings results 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. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same period in the prior year, the company earned $1.63 earnings per share. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were issued 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 was Friday, August 1st. Pinnacle Financial Partners's payout ratio is 12.73%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PNFP. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods decreased their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a research note on Wednesday, August 13th. Barclays decreased their price target on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Stephens reduced their price objective on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Finally, Citigroup cut their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $113.50.

Insider Activity

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III acquired 1,000 shares of the business's stock in a transaction dated 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 acquisition, the director directly owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director G Kennedy Thompson acquired 10,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The shares were purchased at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the transaction, the director directly owned 28,372 shares of the company's stock, valued at $2,430,061.80. This trade represents a 54.43% 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 in the last 90 days. Corporate insiders own 1.46% of the company's stock.

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.