Equitable Trust Co. cut its holdings in Pinnacle Financial Partners (NASDAQ:PNFP) by 4.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,187 shares of the financial services provider’s stock after selling 465 shares during the quarter. Equitable Trust Co.’s holdings in Pinnacle Financial Partners were worth $528,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in PNFP. Wasatch Advisors Inc. grew its position in shares of Pinnacle Financial Partners by 48.9% in the second quarter. Wasatch Advisors Inc. now owns 1,686,798 shares of the financial services provider’s stock valued at $96,957,000 after purchasing an additional 553,876 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Pinnacle Financial Partners by 45.6% in the second quarter. Nuveen Asset Management LLC now owns 946,000 shares of the financial services provider’s stock valued at $54,376,000 after purchasing an additional 296,107 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Pinnacle Financial Partners by 6.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,824,824 shares of the financial services provider’s stock valued at $219,851,000 after purchasing an additional 230,361 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Pinnacle Financial Partners by 1.9% during the second quarter. BlackRock Inc. now owns 6,907,303 shares of the financial services provider’s stock valued at $397,031,000 after buying an additional 129,077 shares during the period. Finally, FSI Group LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $3,850,000. Institutional investors and hedge funds own 79.68% of the company’s stock.
A number of equities analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 18th. They set a “neutral” rating and a $62.00 price target on the stock. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Finally, Stephens reaffirmed a “hold” rating and set a $63.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $61.43.
Shares of Pinnacle Financial Partners stock traded down $0.07 during trading hours on Thursday, hitting $56.32. The company’s stock had a trading volume of 158 shares, compared to its average volume of 441,625. Pinnacle Financial Partners has a 1-year low of $43.23 and a 1-year high of $63.75. The business has a fifty day moving average of $54.27 and a 200 day moving average of $56.08. The company has a market capitalization of $4.34 billion, a PE ratio of 11.86, a P/E/G ratio of 0.67 and a beta of 1.43. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.58.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The company had revenue of $259.60 million during the quarter, compared to analyst estimates of $252.44 million. During the same quarter in the prior year, the business earned $1.15 earnings per share. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle Financial Partners will post 5.26 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Thursday, August 1st. Pinnacle Financial Partners’s payout ratio is currently 13.50%.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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