Pinnacle Financial Partners, Inc. $PNFP Stock Position Lifted by Forum Financial Management LP

Forum Financial Management LP boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 25.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,348 shares of the financial services provider’s stock after purchasing an additional 688 shares during the period. Forum Financial Management LP’s holdings in Pinnacle Financial Partners were worth $370,000 at the end of the most recent reporting period.

Other institutional investors have also recently 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 valued at $171,000 after acquiring an additional 551 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $850,000. Golden State Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $48,000. M&T Bank Corp lifted its stake in Pinnacle Financial Partners by 9.0% in the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock valued at $868,000 after acquiring an additional 674 shares during the last quarter. Finally, Trexquant Investment LP lifted its stake in Pinnacle Financial Partners by 27.4% in the first quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock valued at $2,458,000 after acquiring an additional 4,989 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of analyst reports. Hovde Group cut shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Cowen started coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They issued a “buy” rating for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, October 8th. UBS Group reduced their price objective on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a research note on Tuesday, September 2nd. Finally, Wells Fargo & Company reduced their price objective on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $110.27.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $88.26 on Friday. The firm has a fifty day simple moving average of $93.80 and a 200-day simple moving average of $100.37. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The stock has a market capitalization of $6.85 billion, a price-to-earnings ratio of 11.21 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating the consensus estimate of $2.05 by $0.22. The firm had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same period in the prior year, the company earned $1.86 EPS. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the purchase, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Kennedy Thompson purchased 10,000 shares of the stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the acquisition, the director directly owned 28,372 shares in the company, valued at approximately $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 17,174 shares of company stock worth $1,485,229 in the last ninety days. 1.46% of the stock is currently owned by insiders.

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.