Raymond James Financial Inc. Raises Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Raymond James Financial Inc. has increased its holdings in Pinnacle Financial Partners by 11.6% in Q1, owning approximately 0.56% of the company valued at $46.3 million.
• Pinnacle Financial Partners reported $2.00 earnings per share for the last quarter, exceeding estimates, with revenues increasing by 15.1% year-over-year.
• The company declared a $0.24 quarterly dividend, resulting in a 1.0% dividend yield for investors, with the payout reflecting a 12.73% dividend payout ratio.

Raymond James Financial Inc. grew its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 11.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 436,592 shares of the financial services provider's stock after buying an additional 45,488 shares during the quarter. Raymond James Financial Inc. owned 0.56% of Pinnacle Financial Partners worth $46,295,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $48,000. Kapitalo Investimentos Ltda bought a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. UMB Bank n.a. grew its stake 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 worth $91,000 after purchasing an additional 122 shares in the last quarter. GAMMA Investing LLC grew its stake in Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after purchasing an additional 551 shares in the last quarter. Finally, Portside Wealth Group LLC bought a new position in Pinnacle Financial Partners in the first quarter worth approximately $210,000. Institutional investors own 87.40% of the company's stock.

Insider Activity

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter acquired 1,000 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the acquisition, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the acquisition, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 12,174 shares of company stock worth $1,047,079. Insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Down 0.6%

Pinnacle Financial Partners stock traded down $0.57 during mid-day trading on Wednesday, reaching $96.63. 1,162,727 shares of the company were exchanged, compared to its average volume of 1,670,548. The business has a fifty day moving average of $102.96 and a 200 day moving average of $104.53. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The firm has a market cap of $7.49 billion, a P/E ratio of 12.82 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.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. During the same quarter in the prior year, the business earned $1.63 earnings per share. Pinnacle Financial Partners's revenue was up 15.1% on a year-over-year basis. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be issued a dividend of $0.24 per share. 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 dividend payout ratio is currently 12.73%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Citigroup dropped their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods dropped their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 13th. Stephens dropped their price objective on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company dropped their price objective on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of "Hold" and an average price target of $114.80.

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.