Pinnacle Financial Partners, Inc. $PNFP Shares Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System raised its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,600 shares of the financial services provider’s stock after acquiring an additional 200 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Pinnacle Financial Partners were worth $2,385,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. KLP Kapitalforvaltning AS raised its holdings in shares of Pinnacle Financial Partners by 2.5% in the second quarter. KLP Kapitalforvaltning AS now owns 16,200 shares of the financial services provider’s stock worth $1,789,000 after acquiring an additional 400 shares during the last quarter. Fenimore Asset Management Inc increased its stake in Pinnacle Financial Partners by 2.2% in the second quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock valued at $118,908,000 after purchasing an additional 23,552 shares during the last quarter. Woodmont Investment Counsel LLC increased its stake in Pinnacle Financial Partners by 7.3% in the second quarter. Woodmont Investment Counsel LLC now owns 65,943 shares of the financial services provider’s stock valued at $7,281,000 after purchasing an additional 4,511 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Pinnacle Financial Partners in the second quarter valued at $45,000. Finally, Hilltop National Bank acquired a new position in Pinnacle Financial Partners in the second quarter valued at $140,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $86.38 on Friday. The stock has a 50-day moving average price of $94.27 and a two-hundred day moving average price of $101.04. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month 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 has a market cap of $6.70 billion, a PE ratio of 11.46 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $495.27 million. During the same quarter in the prior year, the business earned $1.63 earnings per share. The company’s revenue was up 15.1% compared to the same quarter last year. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.73%.

Insider Transactions at Pinnacle Financial Partners

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

Analyst Ratings Changes

PNFP has been the subject of several analyst reports. Stephens dropped their target price on 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. Wells Fargo & Company dropped their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating for the company in a research note on Friday, July 25th. UBS Group dropped their target price on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a research note on Tuesday, September 2nd. Barclays set a $120.00 target price on Pinnacle Financial Partners in a research note on Wednesday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research report on Wednesday. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $112.00.

Pinnacle Financial Partners 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.