Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Sold by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. sold 4,000 shares of Pinnacle Financial Partners, reducing its stake by 5.5%, and now owns 69,189 shares, accounting for 1.1% of its investment portfolio.
• Analysts have mixed views on Pinnacle Financial Partners, with several firms raising their price targets and ratings, resulting in a current consensus target price of $118.30.
• Pinnacle Financial Partners reported strong quarterly earnings of $2.00 per share, surpassing consensus estimates, alongside a revenue increase of 15.1% year-over-year.

Phocas Financial Corp. lessened its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 5.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 69,189 shares of the financial services provider's stock after selling 4,000 shares during the period. Pinnacle Financial Partners makes up approximately 1.1% of Phocas Financial Corp.'s holdings, making the stock its 28th largest position. Phocas Financial Corp. owned 0.09% of Pinnacle Financial Partners worth $7,337,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PNFP. GAMMA Investing LLC raised its position 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 valued at $171,000 after purchasing an additional 551 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the first quarter worth $48,000. M&T Bank Corp raised its stake in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock valued at $868,000 after acquiring an additional 674 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Pinnacle Financial Partners by 3.2% during 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. Finally, Impax Asset Management Group plc bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $7,423,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling

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

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded down $1.67 during mid-day trading on Thursday, reaching $88.00. 199,147 shares of the company's stock were exchanged, compared to its average volume of 713,140. 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 business's fifty day simple moving average is $106.79 and its 200 day simple moving average is $107.69. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The firm has a market capitalization of $6.83 billion, a PE ratio of 11.65 and a beta of 1.03.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates 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 quarter in the previous year, the company posted $1.63 EPS. Pinnacle Financial Partners's revenue for the quarter was up 15.1% on a year-over-year basis. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 12.73%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PNFP shares. Citigroup reduced their price objective on shares of 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. UBS Group reissued a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Wells Fargo & Company lowered their price target on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. Barclays cut their price objective 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. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. 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 company currently has an average rating of "Hold" and an average price target of $118.30.

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.