Pinnacle Financial Partners (NASDAQ:PNFP) Short Interest Update

Pinnacle Financial Partners (NASDAQ:PNFP) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 3,416,000 shares, an increase of 20.0% from the July 31st total of 2,846,700 shares. Currently, 4.8% of the company’s stock are short sold. Based on an average daily volume of 412,100 shares, the days-to-cover ratio is presently 8.3 days.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 500 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $60.48, for a total value of $30,240.00. Following the completion of the transaction, the insider now owns 22,175 shares in the company, valued at $1,341,144. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Hugh M. Queener sold 7,295 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $57.06, for a total value of $416,252.70. Following the completion of the transaction, the chief accounting officer now owns 225,207 shares of the company’s stock, valued at approximately $12,850,311.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,469 shares of company stock valued at $3,500,349. 2.97% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its position in Pinnacle Financial Partners by 5.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock worth $73,135,000 after purchasing an additional 82,699 shares during the last quarter. Geode Capital Management LLC boosted its position in Pinnacle Financial Partners by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 782,490 shares of the financial services provider’s stock worth $36,072,000 after purchasing an additional 53,626 shares during the last quarter. First Republic Investment Management Inc. boosted its position in Pinnacle Financial Partners by 4.2% in the first quarter. First Republic Investment Management Inc. now owns 6,917 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 277 shares during the last quarter. Alps Advisors Inc. purchased a new position in Pinnacle Financial Partners in the first quarter worth about $385,000. Finally, Sigma Planning Corp purchased a new position in Pinnacle Financial Partners in the first quarter worth about $289,000. 79.76% of the stock is currently owned by institutional investors.

Shares of Pinnacle Financial Partners stock traded up $0.94 during trading on Friday, hitting $57.95. 386,078 shares of the company’s stock traded hands, compared to its average volume of 420,945. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 0.99. Pinnacle Financial Partners has a 1 year low of $43.23 and a 1 year high of $64.85. The stock has a market capitalization of $4.28 billion, a P/E ratio of 12.23, a PEG ratio of 0.75 and a beta of 1.43. The business has a 50-day simple moving average of $54.96 and a 200-day simple moving average of $56.21.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. Pinnacle Financial Partners had a return on equity of 9.82% and a net margin of 30.46%. The company had revenue of $259.60 million for the quarter, compared to analysts’ expectations of $252.44 million. During the same period last year, the firm posted $1.15 earnings per share. Pinnacle Financial Partners’s revenue was up 12.8% compared to the same quarter last year. On average, equities analysts predict that Pinnacle Financial Partners will post 5.3 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 2nd were given a dividend of $0.16 per share. The ex-dividend date was Thursday, August 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 13.50%.

PNFP has been the topic of a number of recent research reports. Stephens reissued a “hold” rating and issued a $63.00 target price on shares of Pinnacle Financial Partners in a research note on Thursday, July 18th. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $61.33.

Pinnacle Financial Partners Company Profile

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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