Pinnacle Financial Partners, Inc. $PNFP Holdings Raised by Woodmont Investment Counsel LLC

Key Points

• Woodmont Investment Counsel LLC increased its position in Pinnacle Financial Partners by 7.3% in Q2, owning around 65,943 shares valued at $7.28 million.
• Insider activity included Director Thomas C. Farnsworth III purchasing 1,000 shares and Director G Kennedy Thompson acquiring 10,000 shares, reflecting confidence in the company's future.
• Pinnacle Financial Partners reported Q2 earnings of $2.00 per share, exceeding estimates, with revenue up 15.1% year-over-year, and announced a quarterly dividend of $0.24 per share.

Woodmont Investment Counsel LLC grew its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,943 shares of the financial services provider's stock after acquiring an additional 4,511 shares during the quarter. Woodmont Investment Counsel LLC owned approximately 0.09% of Pinnacle Financial Partners worth $7,281,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. KLP Kapitalforvaltning AS increased its holdings in shares of Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock valued at $1,675,000 after acquiring an additional 100 shares during the last quarter. Sheets Smith Wealth Management increased its holdings in shares of Pinnacle Financial Partners by 1.8% in the 2nd quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider's stock valued at $660,000 after acquiring an additional 105 shares during the last quarter. Brooklyn Investment Group increased its holdings in shares of Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after acquiring an additional 110 shares during the last quarter. Park Avenue Securities LLC increased its holdings in shares of Pinnacle Financial Partners by 1.5% in the 2nd quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider's stock valued at $903,000 after acquiring an additional 121 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after acquiring an additional 122 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Insider Activity

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III purchased 1,000 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the acquisition, the director owned 28,277 shares of the company's stock, valued at $2,401,848.38. This represents a 3.67% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Kennedy Thompson purchased 10,000 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the acquisition, 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 position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Stock Up 1.2%

Shares of Pinnacle Financial Partners stock opened at $93.36 on Monday. The stock's fifty day moving average is $94.14 and its 200-day moving average is $101.56. The firm has a market capitalization of $7.24 billion, a PE ratio of 12.38 and a beta of 1.02. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million for 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 revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.63 earnings per share. Equities analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were issued a dividend of $0.24 per share. The ex-dividend date was Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners's payout ratio is currently 12.73%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PNFP shares. Barclays reduced their price objective on 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. Wells Fargo & Company reduced their price objective on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday, July 25th. Citigroup reduced their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Weiss Ratings restated a "hold (c+)" rating on shares of Pinnacle Financial Partners in a research report on Saturday, September 27th. Finally, Cowen started coverage on Pinnacle Financial Partners in a research report on Wednesday, September 24th. They set a "buy" rating for the company. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $112.45.

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.

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