Private Management Group Inc. Sells 9,822 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Private Management Group Inc. reduced its stake in Pinnacle Financial Partners by 7.2%, bringing its total holdings to approximately 126,084 shares valued at $13.37 million.
• Pinnacle Financial Partners reported $2.00 EPS for the last quarter, surpassing expectations, with a 15.1% year-over-year revenue increase to $504.99 million.
• The company has announced a quarterly dividend of $0.24, set to be paid on August 29th, reflecting a yield of 0.92% and a dividend payout ratio of 12.73%.

Private Management Group Inc. cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,084 shares of the financial services provider's stock after selling 9,822 shares during the period. Private Management Group Inc. owned 0.16% of Pinnacle Financial Partners worth $13,370,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in PNFP. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $101,798,000. North Reef Capital Management LP raised its holdings in shares of Pinnacle Financial Partners by 57.1% during the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock worth $221,917,000 after acquiring an additional 705,000 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $78,110,000. Capital Research Global Investors raised its holdings in shares of Pinnacle Financial Partners by 57.0% during the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after acquiring an additional 566,061 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $44,737,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Up 0.3%

Shares of PNFP traded up $0.31 during midday trading on Tuesday, reaching $92.16. 526,132 shares of the stock were exchanged, compared to its average volume of 624,730. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. 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 company's 50 day moving average is $109.28 and its two-hundred day moving average is $108.96. The company has a market capitalization of $7.15 billion, a P/E ratio of 12.22 and a beta of 1.01.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly 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. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the prior year, the company earned $1.63 EPS. The business's revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared 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 1.04%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's payout ratio is 12.73%.

Analyst Ratings Changes

Several research firms recently weighed in on PNFP. Hovde Group lowered Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday. Stephens decreased their price target on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a report on Tuesday. JPMorgan Chase & Co. increased their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. UBS Group restated a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a 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 report on Friday. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $118.30.

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.