Sterling Capital Management LLC Has $2.17 Million Position in Pinnacle Financial Partners (PNFP)

Sterling Capital Management LLC boosted its holdings in Pinnacle Financial Partners (NASDAQ:PNFP) by 21.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,442 shares of the financial services provider’s stock after purchasing an additional 6,139 shares during the period. Sterling Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $2,174,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Bank of America Corp DE grew its position in Pinnacle Financial Partners by 4.3% in the second quarter. Bank of America Corp DE now owns 328,182 shares of the financial services provider’s stock valued at $20,134,000 after purchasing an additional 13,526 shares in the last quarter. Capital Fund Management S.A. bought a new position in Pinnacle Financial Partners in the second quarter valued at $436,000. Davy Asset Management Ltd bought a new position in Pinnacle Financial Partners in the second quarter valued at $588,000. Dynamic Technology Lab Private Ltd bought a new position in Pinnacle Financial Partners in the second quarter valued at $899,000. Finally, First Republic Investment Management Inc. bought a new position in Pinnacle Financial Partners in the second quarter valued at $413,000. 77.89% of the stock is owned by institutional investors and hedge funds.

NASDAQ PNFP opened at $63.25 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market cap of $4.97 billion, a PE ratio of 15.39, a P/E/G ratio of 0.97 and a beta of 1.02. Pinnacle Financial Partners has a 52-week low of $59.55 and a 52-week high of $69.95.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 17th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.01. The company had revenue of $230.20 million during the quarter, compared to analysts’ expectations of $229.16 million. Pinnacle Financial Partners had a net margin of 25.54% and a return on equity of 8.59%. Pinnacle Financial Partners’s quarterly revenue was up 62.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.84 EPS. equities research analysts expect that Pinnacle Financial Partners will post 4.71 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Friday, August 3rd were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date was Thursday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio is presently 15.69%.

PNFP has been the subject of a number of recent analyst reports. ValuEngine upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Thursday, June 21st. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Finally, Hovde Group reiterated an “outperform” rating and issued a $75.00 price target (up previously from $72.00) on shares of Pinnacle Financial Partners in a research note on Friday, June 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Pinnacle Financial Partners currently has a consensus rating of “Buy” and an average price target of $72.75.

In other news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $64.21, for a total transaction of $102,736.00. Following the completion of the sale, the insider now owns 29,575 shares in the company, valued at approximately $1,899,010.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 4,800 shares of company stock valued at $304,704. 3.39% of the stock is currently owned by corporate insiders.

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.

Further Reading: Price to Earnings Ratio (PE)

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

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