Cetera Investment Advisers Acquires 4,435 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Cetera Investment Advisers increased its stake in Pinnacle Financial Partners by 36.1%, owning a total of 16,725 shares valued at approximately $1.77 million.
• Pinnacle Financial Partners reported a Q2 earnings per share of $2.00, surpassing the consensus estimate of $1.92, with revenues reaching $504.99 million.
• The company announced a quarterly dividend of $0.24 per share, reflecting a dividend yield of 1.1% and a payout ratio of 12.73%.

Cetera Investment Advisers lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 36.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,725 shares of the financial services provider's stock after acquiring an additional 4,435 shares during the quarter. Cetera Investment Advisers' holdings in Pinnacle Financial Partners were worth $1,774,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. LPL Financial LLC raised its stake in Pinnacle Financial Partners by 45.4% during the fourth 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 during the period. Wells Fargo & Company MN boosted its holdings in shares of Pinnacle Financial Partners by 0.6% in the fourth quarter. Wells Fargo & Company MN now owns 129,921 shares of the financial services provider's stock valued at $14,862,000 after acquiring an additional 724 shares in the last quarter. FMR LLC boosted its holdings in shares of Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after acquiring an additional 286,894 shares in the last quarter. Bank of Montreal Can lifted its stake in Pinnacle Financial Partners by 11.3% during the fourth quarter. Bank of Montreal Can now owns 9,910 shares of the financial services provider's stock valued at $1,134,000 after purchasing an additional 1,005 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Pinnacle Financial Partners by 44.1% during the fourth quarter. Renaissance Technologies LLC now owns 58,796 shares of the financial services provider's stock valued at $6,726,000 after purchasing an additional 18,000 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter acquired 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 acquisition, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This represents a 0.96% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Kennedy Thompson bought 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $85.65 per share, with a total value 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 purchased a total of 12,174 shares of company stock worth $1,047,079 over the last ninety days. Insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP traded up $3.03 during midday trading on Tuesday, reaching $92.33. 964,978 shares of the company's stock were exchanged, compared to its average volume of 730,557. The company's 50 day simple moving average is $105.73 and its two-hundred day simple moving average is $106.81. The firm has a market capitalization of $7.16 billion, a PE ratio of 12.25 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 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.

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 the consensus estimate 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 firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same period last year, the firm posted $1.63 EPS. The firm's quarterly revenue was up 15.1% on a year-over-year basis. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's payout ratio is currently 12.73%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PNFP. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Stephens cut their target price 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. JPMorgan Chase & Co. increased their target price 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. UBS Group reiterated a "neutral" rating and issued a $121.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Finally, Jefferies Financial Group restated a "hold" rating and set a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price 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.