Victory Capital Management Inc. Increases Position in Pinnacle Financial Partners, Inc. (PNFP)

Victory Capital Management Inc. boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,210,486 shares of the financial services provider’s stock after buying an additional 65,100 shares during the period. Victory Capital Management Inc. owned approximately 1.56% of Pinnacle Financial Partners worth $81,042,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. Vanguard Group Inc. grew its stake in Pinnacle Financial Partners by 11.0% in the 1st quarter. Vanguard Group Inc. now owns 4,094,690 shares of the financial services provider’s stock valued at $272,092,000 after buying an additional 407,046 shares during the last quarter. Geode Capital Management LLC grew its stake in Pinnacle Financial Partners by 16.4% in the 1st quarter. Geode Capital Management LLC now owns 391,227 shares of the financial services provider’s stock valued at $25,997,000 after buying an additional 55,137 shares during the last quarter. Amalgamated Bank grew its stake in Pinnacle Financial Partners by 5.6% in the 1st quarter. Amalgamated Bank now owns 6,145 shares of the financial services provider’s stock valued at $408,000 after buying an additional 324 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Pinnacle Financial Partners by 13.6% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 194,133 shares of the financial services provider’s stock valued at $12,901,000 after buying an additional 23,193 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in Pinnacle Financial Partners in the 1st quarter valued at about $151,000. Institutional investors and hedge funds own 69.92% of the company’s stock.

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In other news, CFO Harold R. Carpenter sold 17,711 shares of Pinnacle Financial Partners stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $67.45, for a total value of $1,194,606.95. Following the completion of the transaction, the chief financial officer now owns 107,090 shares in the company, valued at $7,223,220.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph C. Galante bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, September 7th. The stock was acquired at an average price of $59.40 per share, with a total value of $59,400.00. Following the purchase, the director now directly owns 19,011 shares of the company’s stock, valued at $1,129,253.40. The disclosure for this purchase can be found here. Insiders sold 66,711 shares of company stock valued at $4,466,727 in the last quarter. Corporate insiders own 5.41% of the company’s stock.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.01. The firm had revenue of $216.20 million during the quarter, compared to the consensus estimate 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 last year, the company earned $0.78 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Friday, November 3rd will be paid a $0.14 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.56 annualized dividend and a dividend yield of 0.85%. Pinnacle Financial Partners’s payout ratio is 17.34%.

A number of brokerages recently commented on PNFP. BidaskClub lowered shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. Stephens reiterated a “hold” rating and issued a $71.00 price target on shares of Pinnacle Financial Partners in a research note on Thursday, July 20th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $74.00 price target on shares of Pinnacle Financial Partners in a research note on Friday, October 20th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $72.00 price target on shares of Pinnacle Financial Partners in a research note on Thursday, October 5th. Finally, Hilliard Lyons upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price target on the stock in a research note on Wednesday, August 23rd. 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’s stock. The company presently has an average rating of “Hold” and a consensus target price of $73.25.

Pinnacle Financial Partners 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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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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