NJ State Employees Deferred Compensation Plan boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 150.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the financial services provider’s stock after buying an additional 6,000 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in Pinnacle Financial Partners were worth $670,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. purchased a new position in Pinnacle Financial Partners in the 1st quarter valued at about $151,000. Advisor Group Inc. raised its holdings in Pinnacle Financial Partners by 14.5% in the 2nd quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock valued at $144,000 after acquiring an additional 291 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Pinnacle Financial Partners by 61.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 935 shares during the last quarter. Creative Planning raised its holdings in Pinnacle Financial Partners by 100.2% in the 2nd quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock valued at $202,000 after acquiring an additional 1,611 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its holdings in Pinnacle Financial Partners by 149.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,496 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 2,096 shares during the last quarter. 69.92% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on PNFP shares. Stephens reiterated a “hold” rating and issued a $71.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, July 20th. Hilliard Lyons downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “neutral” rating and set a $74.00 price objective for the company. in a report on Friday, October 20th. Zacks Investment Research downgraded shares of Pinnacle Financial Partners from a “buy” rating to a “sell” rating in a report on Wednesday, October 11th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $72.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, October 5th. Finally, SunTrust Banks, Inc. reiterated a “buy” rating and issued a $73.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, October 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $73.25.
In other news, Chairman Richard D. Callicutt II sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $67.44, for a total value of $2,023,200.00. Following the completion of the transaction, the chairman now owns 168,241 shares of the company’s stock, valued at $11,346,173.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $60.45, for a total transaction of $181,350.00. Following the transaction, the insider now directly owns 61,794 shares of the company’s stock, valued at approximately $3,735,447.30. The disclosure for this sale can be found here. In the last three months, insiders sold 66,711 shares of company stock valued at $4,466,727. Company insiders own 5.41% of the company’s stock.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The business had revenue of $216.20 million during the quarter, compared to analyst estimates of $217.13 million. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. The company’s revenue was up 102.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.78 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 3rd will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Thursday, November 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 17.34%.
Pinnacle Financial Partners Company Profile
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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