PAX Financial Group LLC Reduces Stake in Pinnacle Financial Partners, Inc. $PNFP

PAX Financial Group LLC reduced its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 31.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 9,625 shares of the financial services provider’s stock after selling 4,347 shares during the period. PAX Financial Group LLC’s holdings in Pinnacle Financial Partners were worth $1,063,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. 1248 Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $29,000. Spurstone Advisory Services LLC purchased a new position in Pinnacle Financial Partners during the second quarter worth $41,000. Ameritas Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners in the second quarter valued at $45,000. True Wealth Design LLC lifted its holdings in shares of Pinnacle Financial Partners by 1,778.3% in the 2nd quarter. True Wealth Design LLC now owns 432 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 409 shares during the last quarter. Finally, SVB Wealth LLC purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth about $51,000. 87.40% of the stock is owned by institutional investors.

Insider Transactions at Pinnacle Financial Partners

In other news, Director G Kennedy Thompson bought 5,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the purchase, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. The trade was a 17.62% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.46% of the stock is owned by company insiders.

Analyst Ratings Changes

PNFP has been the topic of a number of analyst reports. Cowen assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. UBS Group reduced their price objective on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. TD Cowen initiated coverage on shares of Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a “buy” rating and a $122.00 price objective for the company. Weiss Ratings restated a “hold (c)” rating on shares of Pinnacle Financial Partners in a report on Friday, October 31st. Finally, Wells Fargo & Company cut their price objective on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $109.55.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $89.18 on Monday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $6.92 billion, a PE ratio of 11.33 and a beta of 1.12. The business has a 50-day simple moving average of $90.92 and a two-hundred day simple moving average of $99.40.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The company had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. During the same period last year, the business earned $1.86 EPS. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.