Pinnacle Financial Partners (NASDAQ:PNFP) Shares Sold by Profund Advisors LLC

Profund Advisors LLC lessened its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 8.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,495 shares of the financial services provider’s stock after selling 569 shares during the period. Profund Advisors LLC’s holdings in Pinnacle Financial Partners were worth $373,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Pinnacle Financial Partners by 0.8% during the 1st quarter. BlackRock Inc. now owns 6,778,226 shares of the financial services provider’s stock worth $370,769,000 after acquiring an additional 51,123 shares in the last quarter. Wasatch Advisors Inc. grew its holdings in Pinnacle Financial Partners by 48.9% during the 2nd quarter. Wasatch Advisors Inc. now owns 1,686,798 shares of the financial services provider’s stock worth $96,957,000 after acquiring an additional 553,876 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Pinnacle Financial Partners by 1.1% during the 2nd quarter. Wells Fargo & Company MN now owns 1,184,326 shares of the financial services provider’s stock worth $68,074,000 after acquiring an additional 13,057 shares in the last quarter. Geode Capital Management LLC grew its holdings in Pinnacle Financial Partners by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 782,490 shares of the financial services provider’s stock worth $36,072,000 after acquiring an additional 53,626 shares in the last quarter. Finally, Fenimore Asset Management Inc. grew its holdings in Pinnacle Financial Partners by 3.0% during the 2nd quarter. Fenimore Asset Management Inc. now owns 551,833 shares of the financial services provider’s stock worth $31,719,000 after acquiring an additional 16,146 shares in the last quarter. Institutional investors own 79.68% of the company’s stock.

Several research firms have commented on PNFP. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. JPMorgan Chase & Co. began coverage on shares of Pinnacle Financial Partners in a report on Wednesday. They set a “neutral” rating and a $62.00 price target for the company. Stephens reiterated a “hold” rating and set a $63.00 price target on shares of Pinnacle Financial Partners in a report on Monday, September 16th. Finally, Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $61.43.

Shares of NASDAQ:PNFP traded down $0.36 during trading on Friday, hitting $55.65. 312,470 shares of the company were exchanged, compared to its average volume of 432,388. The stock has a market capitalization of $4.35 billion, a P/E ratio of 11.74, a PEG ratio of 0.77 and a beta of 1.43. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 0.99. Pinnacle Financial Partners has a 12-month low of $43.23 and a 12-month high of $64.70. The firm’s 50 day moving average price is $54.34 and its 200-day moving average price is $56.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. The business had revenue of $259.60 million during the quarter, compared to the consensus estimate of $252.44 million. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 EPS. As a group, equities research analysts anticipate that Pinnacle Financial Partners will post 5.26 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were given a dividend of $0.16 per share. The ex-dividend date was Thursday, August 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.15%. Pinnacle Financial Partners’s dividend payout ratio is presently 13.50%.

In other news, Vice Chairman Ronald L. Samuel sold 500 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $60.48, for a total transaction of $30,240.00. Following the completion of the sale, the insider now owns 22,175 shares in the company, valued at approximately $1,341,144. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Harold R. Carpenter sold 3,006 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $57.90, for a total transaction of $174,047.40. Following the sale, the chief financial officer now owns 83,112 shares of the company’s stock, valued at approximately $4,812,184.80. The disclosure for this sale can be found here. Insiders have sold a total of 64,475 shares of company stock valued at $3,674,396 in the last 90 days. Insiders own 2.97% of the company’s stock.

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

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