12th Street Asset Management Company LLC Purchases 38,462 Shares of 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 boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 12.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 341,706 shares of the financial services provider's stock after acquiring an additional 38,462 shares during the quarter. Pinnacle Financial Partners accounts for about 6.1% of 12th Street Asset Management Company LLC's investment portfolio, making the stock its 5th largest holding. 12th Street Asset Management Company LLC owned approximately 0.44% of Pinnacle Financial Partners worth $36,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. American Century Companies Inc. raised its position in Pinnacle Financial Partners by 1.8% during the 4th quarter. American Century Companies Inc. now owns 33,826 shares of the financial services provider's stock valued at $3,869,000 after purchasing an additional 614 shares during the last quarter. LPL Financial LLC raised its position in shares of Pinnacle Financial Partners by 45.4% in the 4th quarter. LPL Financial LLC now owns 28,255 shares of the financial services provider's stock worth $3,232,000 after acquiring an additional 8,816 shares in the last quarter. Blair William & Co. IL purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $200,000. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $101,798,000. Finally, Pictet Asset Management Holding SA grew its stake in shares of Pinnacle Financial Partners by 10.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 11,510 shares of the financial services provider's stock worth $1,317,000 after buying an additional 1,043 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. UBS Group restated a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Hovde Group downgraded Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods increased their target price on 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. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and issued a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $118.30.

Pinnacle Financial Partners Trading Up 1.5%

Shares of NASDAQ:PNFP traded up $1.27 during trading hours on Monday, hitting $87.40. 3,934,032 shares of the company's stock traded hands, compared to its average volume of 693,553. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The business has a fifty day moving average price of $107.86 and a 200-day moving average price of $108.17. The firm has a market capitalization of $6.78 billion, a P/E ratio of 11.59 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88.

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, beating analysts' consensus estimates of $1.92 by $0.08. The firm had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. Pinnacle Financial Partners's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.63 earnings per share. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. Pinnacle Financial Partners's payout ratio is 12.73%.

Insider Buying and Selling

In other Pinnacle Financial Partners news, 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 bought at an average price of $85.65 per share, with a total value of $856,500.00. Following the completion of the purchase, the director directly owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. This represents a 54.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company's stock, valued at $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 12,174 shares of company stock valued at $1,047,079 over the last 90 days. Corporate insiders own 1.46% of the company's stock.

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.