Teza Capital Management LLC Has $521,000 Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Teza Capital Management LLC has significantly reduced its stake in Pinnacle Financial Partners by 60.6% during the first quarter, now holding 4,910 shares worth approximately $521,000.
• Pinnacle Financial Partners reported an EPS of $2.00 for the last quarter, exceeding analysts' expectations, with revenue increasing by 15.1% year-over-year.
• The company recently declared a quarterly dividend of $0.24 per share, resulting in an annualized yield of 1.0% and a payout ratio of 12.73%.

Teza Capital Management LLC reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 60.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,910 shares of the financial services provider's stock after selling 7,564 shares during the quarter. Teza Capital Management LLC's holdings in Pinnacle Financial Partners were worth $521,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Millennium Management LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at $77,207,000. Nuveen LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at $26,879,000. GAMMA Investing LLC lifted its holdings in shares of Pinnacle Financial Partners by 15,990.2% during the first quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock valued at $18,171,000 after acquiring an additional 170,296 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Pinnacle Financial Partners by 49.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 434,749 shares of the financial services provider's stock valued at $49,731,000 after acquiring an additional 143,026 shares during the period. Finally, Junto Capital Management LP lifted its holdings in shares of Pinnacle Financial Partners by 28.7% during the first quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock valued at $47,302,000 after acquiring an additional 99,495 shares during the period. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Stock Down 0.4%

NASDAQ PNFP traded down $0.44 during trading on Friday, hitting $97.36. The stock had a trading volume of 1,152,237 shares, compared to its average volume of 1,048,913. The company has a market capitalization of $7.55 billion, a PE ratio of 12.91 and a beta of 1.07. The company's 50-day moving average price is $99.84 and its two-hundred day moving average price is $102.70. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. 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 released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. The firm had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The business's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.63 EPS. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Barclays lowered their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Keefe, Bruyette & Woods lowered their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a research note on Wednesday, August 13th. 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 research note on Tuesday, July 1st. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners 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.com, Pinnacle Financial Partners currently has a consensus rating of "Hold" and a consensus price target of $113.50.

Insiders Place Their Bets

In related news, CFO Harold R. Carpenter purchased 1,000 shares of the stock in a transaction on Thursday, July 31st. The shares were purchased at an average price of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer directly owned 105,050 shares of the company's stock, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director G Kennedy Thompson bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the acquisition, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 12,174 shares of company stock valued at $1,047,079 in the last 90 days. 1.46% of the stock is currently owned by insiders.

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.