Rafferty Asset Management LLC Sells 19,000 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Rafferty Asset Management LLC has reduced its stake in Pinnacle Financial Partners by 18.6% during Q1, selling 19,000 shares, leaving them with 83,260 shares valued at $8.83 million.
• Pinnacle Financial Partners reported quarterly earnings of $2.00 per share, exceeding analyst expectations, along with a revenue of $504.99 million, marking a 15.1% increase compared to the previous year.
• The firm announced a quarterly dividend of $0.24 per share, with an annualized dividend yield of 1.0%, to be paid on August 29th to shareholders of record as of August 1st.

Rafferty Asset Management LLC decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 18.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 83,260 shares of the financial services provider's stock after selling 19,000 shares during the period. Rafferty Asset Management LLC owned 0.11% of Pinnacle Financial Partners worth $8,829,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PNFP. Oliver Luxxe Assets LLC lifted its holdings in shares of Pinnacle Financial Partners by 20.9% in the first quarter. Oliver Luxxe Assets LLC now owns 47,111 shares of the financial services provider's stock worth $4,996,000 after buying an additional 8,135 shares in the last quarter. Penn Capital Management Company LLC increased its holdings in Pinnacle Financial Partners by 6.5% during the 1st quarter. Penn Capital Management Company LLC now owns 75,839 shares of the financial services provider's stock worth $8,074,000 after acquiring an additional 4,624 shares during the period. SVB Wealth LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $51,000. Compound Planning Inc. lifted its stake in Pinnacle Financial Partners by 18.5% in the 1st quarter. Compound Planning Inc. now owns 2,290 shares of the financial services provider's stock worth $243,000 after purchasing an additional 358 shares in the last quarter. Finally, Bragg Financial Advisors Inc boosted its holdings in Pinnacle Financial Partners by 30.4% in the 1st quarter. Bragg Financial Advisors Inc now owns 5,506 shares of the financial services provider's stock valued at $584,000 after purchasing an additional 1,282 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $96.63 on Thursday. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 12.82 and a beta of 1.03. The business has a 50 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 current ratio of 0.89 and a quick ratio of 0.88. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

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 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same period last year, the firm posted $1.63 earnings per share. The business's revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio is presently 12.73%.

Insider Buying and Selling at Pinnacle Financial Partners

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PNFP shares. UBS Group reaffirmed a "neutral" rating and issued a $121.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Truist Financial restated a "buy" rating and issued a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Wells Fargo & Company dropped their price target 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 decreased 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 research report on Friday, July 25th. Finally, Hovde Group lowered shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report 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. According to MarketBeat, the stock presently 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.

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.