5,004 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by United Services Automobile Association

Key Points

• United Services Automobile Association has invested approximately $526,000 in Pinnacle Financial Partners, acquiring 5,004 shares during the first quarter of the year.
• Recent research reports have downgraded Pinnacle Financial Partners, with Jefferies Financial Group reducing its target price to $110.00, while four analysts rate the stock as a Buy and six as a Hold.
• Insider buying activity includes a notable transaction by Director G Kennedy Thompson, who purchased 10,000 shares at approximately $85.65 per share, increasing his position by 54.43%.

United Services Automobile Association purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 5,004 shares of the financial services provider's stock, valued at approximately $526,000.

Several other large investors have also recently bought and sold shares of the stock. Golden State Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $48,000. SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $57,000. Brooklyn Investment Group grew its position in shares of Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after purchasing an additional 110 shares in the last quarter. Finally, UMB Bank n.a. grew its position in shares of Pinnacle Financial Partners by 16.6% during the 1st 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. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded down $1.74 during mid-day trading on Tuesday, hitting $93.62. 460,940 shares of the stock traded hands, compared to its average volume of 783,137. The business's 50-day moving average price is $99.40 and its 200 day moving average price is $102.50. The company has a market cap of $7.26 billion, a PE ratio of 12.40 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. During the same quarter in the previous year, the company earned $1.63 EPS. The business's quarterly revenue was up 15.1% compared to the same quarter last year. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have issued reports on PNFP. Keefe, Bruyette & Woods decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 13th. Stephens dropped their price target on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. Finally, Jefferies Financial Group restated a "hold" rating and issued a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $113.50.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 12,174 shares of company stock worth $1,047,079 in the last three months. 1.46% of the stock is owned by corporate insiders.

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.