Pinnacle Financial Partners, Inc. $PNFP Shares Acquired by CapWealth Advisors LLC

Key Points

• CapWealth Advisors LLC increased its stake in Pinnacle Financial Partners by 112.2% in Q2, holding 20,663 shares valued at approximately $2.28 million.
• Directors G Kennedy Thompson and Thomas C. Farnsworth III purchased shares worth a combined total of approximately $941,440, indicating strong insider confidence in the company.
• Pinnacle Financial Partners reported a quarterly EPS of $2.27, exceeding estimates, and analysts predict a fiscal year EPS of 7.85, with a consensus rating of "Hold" and a target price of $110.27.

CapWealth Advisors LLC grew its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 112.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,663 shares of the financial services provider's stock after purchasing an additional 10,926 shares during the period. CapWealth Advisors LLC's holdings in Pinnacle Financial Partners were worth $2,281,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $29,000. Ameritas Advisory Services LLC acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $45,000. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $48,000. SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $51,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $57,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 10,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost 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 trade represents a 54.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the company's stock in a transaction on 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 directly owned 28,277 shares in the company, valued at $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 12,174 shares of company stock worth $1,047,079 in the last three months. 1.46% of the stock is owned by insiders.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $87.02 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The stock's 50 day moving average is $94.23 and its two-hundred day moving average is $100.43. The company has a market capitalization of $6.75 billion, a PE ratio of 11.06 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The company had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. During the same period in the previous year, the business earned $1.86 EPS. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PNFP shares. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Pinnacle Financial Partners in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Barclays set a $120.00 target price on Pinnacle Financial Partners in a report on Wednesday, October 8th. Finally, Hovde Group downgraded Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $110.27.

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.

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.