KBC Group NV Has $245,000 Position in Pinnacle Financial Partners, Inc. $PNFP

KBC Group NV cut its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 38.9% in the second quarter, Holdings Channel reports. The institutional investor owned 2,221 shares of the financial services provider’s stock after selling 1,416 shares during the period. KBC Group NV’s holdings in Pinnacle Financial Partners were worth $245,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Millennium Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $77,207,000. Nuveen LLC acquired a new position in Pinnacle Financial Partners during the first quarter worth $26,879,000. Junto Capital Management LP grew its position in Pinnacle Financial Partners by 28.7% in the first quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider’s stock valued at $47,302,000 after purchasing an additional 99,495 shares in the last quarter. AQR Capital Management LLC increased its stake in Pinnacle Financial Partners by 309.4% in the 1st quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider’s stock valued at $13,473,000 after buying an additional 97,876 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 5.9% during the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after buying an additional 88,282 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $86.23 on Wednesday. The company’s 50-day moving average is $90.42 and its 200-day moving average is $99.13. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $6.69 billion, a PE ratio of 10.96 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same quarter in the previous year, the firm posted $1.86 EPS. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on PNFP. Barclays raised their price target on Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, November 11th. Hovde Group lowered shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research report on Wednesday, August 13th. Cowen initiated coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Finally, TD Cowen assumed coverage on Pinnacle Financial Partners in a report on Thursday, September 25th. They set a “buy” rating and a $122.00 price target for the company. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus target price of $109.55.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director G Kennedy Thompson purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average cost of $87.63 per share, with a total value of $438,150.00. Following the acquisition, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.46% of the company’s stock.

About Pinnacle Financial Partners

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.