Wellington Management Group LLP Grows Position in Pinnacle Financial Partners, Inc. $PNFP

Wellington Management Group LLP increased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,592,536 shares of the financial services provider’s stock after acquiring an additional 88,282 shares during the quarter. Wellington Management Group LLP owned about 2.06% of Pinnacle Financial Partners worth $168,873,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at about $48,000. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth about $78,000. Brooklyn Investment Group lifted its position in shares of Pinnacle Financial Partners by 15.3% in the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock worth $88,000 after buying an additional 110 shares in the last quarter. UMB Bank n.a. boosted its stake in Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock valued at $91,000 after buying an additional 122 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock valued at $171,000 after buying an additional 551 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $92.85 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The firm has a market capitalization of $7.20 billion, a P/E ratio of 12.31 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company’s 50-day moving average is $103.73 and its 200 day moving average is $105.51.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The firm had revenue of $504.99 million for the quarter, compared to analysts’ expectations of $495.27 million. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The company’s quarterly revenue was up 15.1% on a year-over-year basis. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be paid a $0.24 dividend. The ex-dividend date is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.73%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III bought 1,000 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was acquired at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Harold R. Carpenter purchased 1,000 shares of the business’s stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the acquisition, the chief financial officer owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group reaffirmed a “neutral” rating and issued a $121.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Stephens decreased their price target on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 29th. Wells Fargo & Company lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating for the company in a research report on Friday, July 25th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $114.80.

Pinnacle Financial Partners Company Profile

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.