Basswood Capital Management L.L.C. lessened its holdings in Pinnacle Financial Partners (NASDAQ:PNFP) by 55.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 204,442 shares of the financial services provider’s stock after selling 250,436 shares during the quarter. Basswood Capital Management L.L.C. owned 0.26% of Pinnacle Financial Partners worth $9,425,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Wells Fargo & Company MN raised its stake in shares of Pinnacle Financial Partners by 10.9% in the 3rd quarter. Wells Fargo & Company MN now owns 1,142,995 shares of the financial services provider’s stock worth $68,751,000 after buying an additional 112,670 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Pinnacle Financial Partners by 94.5% in the 3rd quarter. SG Americas Securities LLC now owns 69,233 shares of the financial services provider’s stock worth $4,164,000 after buying an additional 33,640 shares in the last quarter. BlackRock Inc. raised its stake in shares of Pinnacle Financial Partners by 0.4% in the 3rd quarter. BlackRock Inc. now owns 6,512,145 shares of the financial services provider’s stock worth $391,704,000 after buying an additional 26,237 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of Pinnacle Financial Partners during the third quarter worth $539,000. Finally, Credit Suisse AG raised its position in shares of Pinnacle Financial Partners by 13.0% during the third quarter. Credit Suisse AG now owns 57,418 shares of the financial services provider’s stock worth $3,454,000 after purchasing an additional 6,603 shares during the period. Institutional investors own 80.64% of the company’s stock.
In other news, Vice Chairman Ronald L. Samuel sold 1,600 shares of Pinnacle Financial Partners stock in a transaction on Tuesday, February 26th. The stock was sold at an average price of $58.55, for a total transaction of $93,680.00. Following the transaction, the insider now owns 24,775 shares in the company, valued at $1,450,576.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard D. Callicutt II sold 15,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, March 15th. The shares were sold at an average price of $58.56, for a total value of $878,400.00. The disclosure for this sale can be found here. Insiders have sold 42,588 shares of company stock worth $2,479,247 in the last quarter. 2.97% of the stock is currently owned by corporate insiders.
Shares of Pinnacle Financial Partners stock opened at $57.98 on Friday. Pinnacle Financial Partners has a 12-month low of $43.23 and a 12-month high of $68.85. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. The firm has a market cap of $4.50 billion, a PE ratio of 12.23, a P/E/G ratio of 0.81 and a beta of 1.40.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, January 15th. The financial services provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.02. Pinnacle Financial Partners had a return on equity of 9.51% and a net margin of 31.32%. The business had revenue of $247.50 million for the quarter, compared to the consensus estimate of $246.73 million. During the same quarter in the previous year, the company posted $0.97 earnings per share. Pinnacle Financial Partners’s revenue for the quarter was up 17.2% compared to the same quarter last year. Equities research analysts predict that Pinnacle Financial Partners will post 5.06 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 22nd. Stockholders of record on Friday, February 1st were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, January 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio is 13.50%.
PNFP has been the topic of a number of recent analyst reports. TheStreet raised Pinnacle Financial Partners from a “c+” rating to a “b-” rating in a research report on Wednesday, February 13th. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, November 28th. UBS Group raised Pinnacle Financial Partners from a “sell” rating to a “neutral” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 8th. Stephens reaffirmed a “buy” rating and set a $60.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, December 19th. Finally, ValuEngine raised Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research report on Monday, November 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $64.86.
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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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