Northwest & Ethical Investments L.P. Purchases 7,932 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

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Northwest & Ethical Investments L.P. lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 202.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,857 shares of the financial services provider's stock after purchasing an additional 7,932 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Pinnacle Financial Partners were worth $1,255,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of PNFP. Utah Retirement Systems lifted its holdings in Pinnacle Financial Partners by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock valued at $468,000 after buying an additional 100 shares during the period. KLP Kapitalforvaltning AS lifted its holdings in Pinnacle Financial Partners by 0.6% in the first quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock valued at $1,675,000 after buying an additional 100 shares during the period. Parallel Advisors LLC lifted its holdings in Pinnacle Financial Partners by 5.7% in the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock valued at $227,000 after buying an additional 116 shares during the period. UMB Bank n.a. lifted its holdings in Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after buying an additional 122 shares during the period. Finally, Tidal Investments LLC lifted its holdings in Pinnacle Financial Partners by 4.7% in the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock valued at $355,000 after buying an additional 140 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Wall Street Analyst Weigh In

PNFP has been the topic of several recent analyst reports. Barclays dropped their target price on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Wells Fargo & Company dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a report on Friday, July 25th. Hovde Group lowered shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. UBS Group reiterated a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Finally, Citigroup dropped their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $114.80.

Insider Activity

In related news, Director G Kennedy Thompson bought 10,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The stock was 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 of the company's stock, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter acquired 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the acquisition, the chief financial officer owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 12,174 shares of company stock valued at $1,047,079 in the last three months. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded up $3.80 on Friday, reaching $96.19. 1,516,088 shares of the company's stock traded hands, compared to its average volume of 2,123,961. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a market cap of $7.46 billion, a PE ratio of 12.76 and a beta of 1.03. The stock's 50 day simple moving average is $103.35 and its two-hundred day simple moving average is $104.98. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91.

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

Pinnacle Financial Partners Company 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.