GW&K Investment Management LLC boosted its holdings in Pinnacle Financial Partners (NASDAQ:PNFP) by 18.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 693,830 shares of the financial services provider’s stock after buying an additional 108,697 shares during the quarter. GW&K Investment Management LLC owned 0.90% of Pinnacle Financial Partners worth $39,375,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Laurion Capital Management LP purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $991,000. Aperio Group LLC grew its position in Pinnacle Financial Partners by 8.1% during the 2nd quarter. Aperio Group LLC now owns 16,002 shares of the financial services provider’s stock worth $920,000 after purchasing an additional 1,201 shares in the last quarter. Strs Ohio grew its position in Pinnacle Financial Partners by 0.7% during the 2nd quarter. Strs Ohio now owns 66,112 shares of the financial services provider’s stock worth $3,800,000 after purchasing an additional 444 shares in the last quarter. Gradient Investments LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $79,000. Finally, Landmark Financial Advisors LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $203,000. Hedge funds and other institutional investors own 79.07% of the company’s stock.
Shares of Pinnacle Financial Partners stock traded down $0.09 on Friday, hitting $60.24. 123,100 shares of the company traded hands, compared to its average volume of 416,181. The company has a market cap of $4.67 billion, a PE ratio of 12.71, a PEG ratio of 0.71 and a beta of 1.43. The company has a 50-day moving average price of $57.65 and a 200 day moving average price of $56.46. Pinnacle Financial Partners has a 12-month low of $43.23 and a 12-month high of $61.60. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.65.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $1.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.10. The business had revenue of $278.43 million for the quarter, compared to analysts’ expectations of $267.58 million. Pinnacle Financial Partners had a net margin of 30.38% and a return on equity of 9.99%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners will post 5.32 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 1st will be paid a $0.16 dividend. The ex-dividend date is Thursday, October 31st. This represents a $0.64 dividend on an annualized basis and a yield of 1.06%. Pinnacle Financial Partners’s payout ratio is currently 13.50%.
PNFP has been the topic of several research analyst reports. Stephens restated a “hold” rating and set a $63.00 price target on shares of Pinnacle Financial Partners in a report on Monday, September 16th. JPMorgan Chase & Co. initiated coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 18th. They set a “neutral” rating and a $62.00 price target on the stock. Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. BidaskClub upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. Finally, ValuEngine cut shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $60.83.
In other Pinnacle Financial Partners news, Director Thomas R. Sloan sold 6,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $56.42, for a total transaction of $338,520.00. Following the sale, the director now directly owns 104,425 shares of the company’s stock, valued at $5,891,658.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard D. Callicutt II sold 21,841 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $60.42, for a total transaction of $1,319,633.22. Following the sale, the chairman now directly owns 112,645 shares in the company, valued at $6,806,010.90. The disclosure for this sale can be found here. In the last three months, insiders sold 106,576 shares of company stock worth $6,213,470. 2.97% of the stock is currently owned by insiders.
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.
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