Phocas Financial Corp. Has $7.34 Million Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

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. decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 5.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,189 shares of the financial services provider's stock after selling 4,000 shares during the period. Pinnacle Financial Partners makes up about 1.1% of Phocas Financial Corp.'s investment portfolio, making the stock its 28th largest holding. Phocas Financial Corp. owned about 0.09% of Pinnacle Financial Partners worth $7,337,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the first quarter worth $48,000. Kapitalo Investimentos Ltda acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $78,000. UMB Bank n.a. boosted its holdings in Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after purchasing an additional 122 shares during the last quarter. GAMMA Investing LLC boosted its holdings 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. Finally, Blair William & Co. IL acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $200,000. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

PNFP stock traded up $0.28 during mid-day trading on Wednesday, hitting $89.83. The stock had a trading volume of 450,687 shares, compared to its average volume of 706,845. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The firm has a market capitalization of $6.97 billion, a P/E ratio of 11.91 and a beta of 1.03. The firm has a fifty day simple moving average of $107.13 and a 200 day simple moving average of $107.81.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly 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 net margin of 18.69% and a return on equity of 9.60%. The company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same period last year, the company posted $1.63 EPS. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter bought 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. This represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director G Kennedy Thompson purchased 10,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the transaction, 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 disclosure for this purchase can be found here. Insiders have acquired a total of 12,174 shares of company stock worth $1,047,079 in the last ninety days. Company insiders own 1.46% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PNFP shares. Barclays reduced 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 report on Monday, July 28th. Keefe, Bruyette & Woods increased their price target on shares of Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a research note on Thursday, July 17th. Jefferies Financial Group reiterated a "hold" rating and issued a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Stephens cut 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 note on Tuesday, July 29th. Finally, Hovde Group cut shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price 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.