12th Street Asset Management Company LLC Boosts Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• 12th Street Asset Management Company LLC increased its stake in Pinnacle Financial Partners by 12.7%, owning 341,706 shares valued at approximately $36.24 million.
• Multiple institutional investors have also recently acquired shares in Pinnacle Financial Partners, resulting in 87.40% of the stock being owned by institutional investors and hedge funds.
• Pinnacle Financial Partners reported earnings of $2.00 per share for the last quarter, surpassing the consensus estimate of $1.92, with revenues rising 15.1% year-over-year to $504.99 million.

12th Street Asset Management Company LLC increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 12.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 341,706 shares of the financial services provider's stock after purchasing an additional 38,462 shares during the quarter. Pinnacle Financial Partners comprises about 6.1% of 12th Street Asset Management Company LLC's portfolio, making the stock its 5th biggest position. 12th Street Asset Management Company LLC owned 0.44% of Pinnacle Financial Partners worth $36,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of PNFP. Golden State Wealth Management LLC acquired a new stake in Pinnacle Financial Partners during the 1st quarter worth $48,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $78,000. UMB Bank n.a. grew its stake in shares of 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 period. GAMMA Investing LLC increased its holdings in Pinnacle Financial Partners by 51.7% in 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 during the last quarter. Finally, Blair William & Co. IL acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at about $200,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter acquired 1,000 shares of the stock in a transaction on Thursday, July 31st. The shares were purchased at an average price 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 of the company's stock, valued at approximately $9,426,136.50. This represents a 0.96% 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 link. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded down $1.76 during mid-day trading on Friday, hitting $86.13. The stock had a trading volume of 3,218,654 shares, compared to its average volume of 1,522,487. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 11.42 and a beta of 1.04. The company's 50 day simple moving average is $107.86 and its 200 day simple moving average is $108.32.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 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 previous year, the company posted $1.63 EPS. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors 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 1.1%. Pinnacle Financial Partners's payout ratio is 12.73%.

Analyst Ratings Changes

A number of brokerages have recently commented on PNFP. UBS Group reaffirmed a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Keefe, Bruyette & Woods upped their target price 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. Hovde Group lowered shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. increased their price objective 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. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of "Hold" and a consensus price target of $118.30.

Pinnacle Financial Partners 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.