Northern Trust Corp Has $70.88 Million Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Northern Trust Corp reduced its holdings in Pinnacle Financial Partners, now owning approximately $70.88 million worth, after selling 17,352 shares in Q1.
• Pinnacle Financial Partners announced a $0.24 quarterly dividend, representing a 1.0% yield, with an annual payout ratio of 12.73%.
• The company reported a 15.1% revenue increase year-over-year for the last quarter, with earnings per share surpassing estimates at $2.00.

Northern Trust Corp decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 668,443 shares of the financial services provider's stock after selling 17,352 shares during the period. Northern Trust Corp owned 0.86% of Pinnacle Financial Partners worth $70,882,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Azora Capital LP lifted its position in shares of Pinnacle Financial Partners by 39.2% during the fourth quarter. Azora Capital LP now owns 913,936 shares of the financial services provider's stock worth $104,545,000 after purchasing an additional 257,347 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 3.9% during the first quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider's stock worth $93,458,000 after purchasing an additional 32,975 shares during the period. Artemis Investment Management LLP grew its position in shares of Pinnacle Financial Partners by 11.7% during the first quarter. Artemis Investment Management LLP now owns 538,997 shares of the financial services provider's stock worth $57,155,000 after acquiring an additional 56,325 shares during the last quarter. Raymond James Financial Inc. grew its position in shares of Pinnacle Financial Partners by 11.6% during the first quarter. Raymond James Financial Inc. now owns 436,592 shares of the financial services provider's stock worth $46,295,000 after acquiring an additional 45,488 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of 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 worth $49,731,000 after acquiring an additional 143,026 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Trading Up 0.4%

PNFP stock traded up $0.39 during midday trading on Friday, reaching $97.22. The stock had a trading volume of 1,267,301 shares, compared to its average volume of 768,859. The business has a fifty day simple moving average of $102.82 and a two-hundred day simple moving average of $104.35. 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 $7.54 billion, a price-to-earnings ratio of 12.89 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 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 analyst estimates of $495.27 million. During the same period in the previous year, the company earned $1.63 EPS. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, research analysts expect 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 paid a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 1.0%. Pinnacle Financial Partners's payout ratio is presently 12.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson acquired 10,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director directly owned 28,372 shares in the company, valued at approximately $2,430,061.80. This trade represents a 54.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Harold R. Carpenter purchased 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the purchase, 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 position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 12,174 shares of company stock worth $1,047,079. Corporate insiders own 1.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Barclays decreased their target price on shares of 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. JPMorgan Chase & Co. increased their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Stephens reduced their price target on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Jefferies Financial Group restated a "hold" rating and issued a $110.00 price objective (down previously from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Finally, Hovde Group downgraded Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Hold" and an average 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.