Pinnacle Financial Partners (NASDAQ:PNFP) Shares Acquired by Brinker Capital Inc.

Brinker Capital Inc. grew its position in Pinnacle Financial Partners (NASDAQ:PNFP) by 7.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 42,605 shares of the financial services provider’s stock after acquiring an additional 3,051 shares during the quarter. Brinker Capital Inc.’s holdings in Pinnacle Financial Partners were worth $2,418,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Laurion Capital Management LP acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $991,000. Aperio Group LLC lifted its stake in shares of Pinnacle Financial Partners by 8.1% in the 2nd quarter. Aperio Group LLC now owns 16,002 shares of the financial services provider’s stock valued at $920,000 after purchasing an additional 1,201 shares in the last quarter. Strs Ohio lifted its stake in shares of Pinnacle Financial Partners by 0.7% in the 2nd quarter. Strs Ohio now owns 66,112 shares of the financial services provider’s stock valued at $3,800,000 after purchasing an additional 444 shares in the last quarter. Gradient Investments LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $79,000. Finally, Landmark Financial Advisors LLC acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $203,000. 79.72% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners stock opened at $59.77 on Wednesday. The stock’s 50 day moving average price is $55.89 and its 200 day moving average price is $56.16. The firm has a market capitalization of $4.54 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 0.68 and a beta of 1.44. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.01 and a current ratio of 1.01. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $61.60.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.35 by $0.10. Pinnacle Financial Partners had a return on equity of 9.99% and a net margin of 30.38%. The firm had revenue of $278.43 million for the quarter, compared to analyst estimates of $267.58 million. During the same period in the previous year, the company posted $1.21 EPS. Pinnacle Financial Partners’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, analysts forecast 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 will be paid on Friday, November 29th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.64 annualized dividend and a yield of 1.07%. Pinnacle Financial Partners’s dividend payout ratio is presently 13.50%.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 500 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $60.48, for a total transaction of $30,240.00. Following the sale, the insider now directly owns 22,175 shares in the company, valued at approximately $1,341,144. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO M Terry Turner sold 47,174 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $56.96, for a total value of $2,687,031.04. Following the sale, the chief executive officer now owns 365,197 shares in the company, valued at $20,801,621.12. The disclosure for this sale can be found here. Insiders have sold a total of 64,475 shares of company stock worth $3,674,281 over the last 90 days. 2.97% of the stock is owned by company insiders.

Several equities analysts recently commented on the company. Stephens reissued a “hold” rating and set a $63.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, September 16th. ValuEngine lowered Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Monday. JPMorgan Chase & Co. assumed coverage on Pinnacle Financial Partners in a research report on Wednesday, September 18th. They set a “neutral” rating and a $62.00 price target on the stock. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Finally, Zacks Investment Research raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $60.83.

Pinnacle Financial Partners 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.

Read More: Range Trading

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners (NASDAQ:PNFP).

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

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