Tectonic Advisors LLC Acquires 390 Shares of Pinnacle Financial Partners, Inc. $PNFP

Tectonic Advisors LLC boosted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,691 shares of the financial services provider’s stock after purchasing an additional 390 shares during the period. Tectonic Advisors LLC owned approximately 0.09% of Pinnacle Financial Partners worth $7,363,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Pinnacle Financial Partners by 51.7% in the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock worth $171,000 after purchasing an additional 551 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of Pinnacle Financial Partners in the first quarter worth about $850,000. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at about $48,000. M&T Bank Corp increased its holdings in Pinnacle Financial Partners by 9.0% during the 1st quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock valued at $868,000 after purchasing an additional 674 shares during the period. Finally, Trexquant Investment LP raised its position in Pinnacle Financial Partners by 27.4% during the 1st quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock valued at $2,458,000 after purchasing an additional 4,989 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PNFP has been the topic of several research analyst reports. UBS Group reduced their target price on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 2nd. Jefferies Financial Group restated a “hold” rating and issued a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a report on Wednesday. Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a report on Wednesday, August 13th. Finally, Cowen began coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has an average rating of “Hold” and an average target price of $112.00.

Pinnacle Financial Partners Stock Down 0.4%

PNFP stock opened at $91.55 on Thursday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The business’s 50 day moving average price is $94.20 and its two-hundred day moving average price is $101.34. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 12.14 and a beta of 1.02.

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

Pinnacle Financial Partners Announces Dividend

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

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter bought 1,000 shares of the firm’s stock in a transaction on Thursday, July 31st. The stock was acquired at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the purchase, the chief financial officer owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director G Kennedy Thompson bought 10,000 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were acquired at an average cost of $85.65 per share, with a total value of $856,500.00. Following the purchase, the director directly owned 28,372 shares of the company’s stock, valued at approximately $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 12,174 shares of company stock valued at $1,047,079. Corporate insiders own 1.46% of the company’s stock.

About Pinnacle Financial Partners

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.