Massachusetts Financial Services Co. MA Increases Holdings in Pinnacle Financial Partners (PNFP)

Massachusetts Financial Services Co. MA raised its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 1.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 261,443 shares of the financial services provider’s stock after purchasing an additional 2,699 shares during the period. Massachusetts Financial Services Co. MA owned 0.34% of Pinnacle Financial Partners worth $16,785,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC grew its holdings in Pinnacle Financial Partners by 95.7% during the fourth quarter. SG Americas Securities LLC now owns 14,871 shares of the financial services provider’s stock valued at $986,000 after purchasing an additional 7,272 shares during the period. BlackRock Inc. grew its holdings in Pinnacle Financial Partners by 1.0% during the fourth quarter. BlackRock Inc. now owns 6,050,010 shares of the financial services provider’s stock valued at $401,116,000 after purchasing an additional 59,719 shares during the period. Teacher Retirement System of Texas grew its holdings in Pinnacle Financial Partners by 319.8% during the fourth quarter. Teacher Retirement System of Texas now owns 25,303 shares of the financial services provider’s stock valued at $1,678,000 after purchasing an additional 19,276 shares during the period. MUFG Americas Holdings Corp bought a new position in Pinnacle Financial Partners during the fourth quarter valued at $485,000. Finally, Alliancebernstein L.P. grew its holdings in Pinnacle Financial Partners by 232.0% during the fourth quarter. Alliancebernstein L.P. now owns 540,977 shares of the financial services provider’s stock valued at $35,867,000 after purchasing an additional 378,050 shares during the period. 73.26% of the stock is owned by institutional investors and hedge funds.

NASDAQ:PNFP opened at $66.55 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.65. Pinnacle Financial Partners has a 1 year low of $58.40 and a 1 year high of $70.30. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of 0.88 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.03. Pinnacle Financial Partners had a return on equity of 7.52% and a net margin of 24.09%. The company had revenue of $218.60 million for the quarter, compared to the consensus estimate of $220.48 million. During the same quarter last year, the business posted $0.83 earnings per share. The firm’s revenue was up 83.5% compared to the same quarter last year. analysts predict that Pinnacle Financial Partners will post 4.72 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 25th. Investors of record on Friday, May 4th will be given a $0.14 dividend. The ex-dividend date is Thursday, May 3rd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.84%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 15.69%.

In related news, Director Ed C. Loughry, Jr. sold 1,000 shares of the stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $67.88, for a total value of $67,880.00. Following the sale, the director now owns 95,059 shares in the company, valued at $6,452,604.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $66.06, for a total value of $198,180.00. Following the completion of the sale, the insider now owns 43,794 shares in the company, valued at approximately $2,893,031.64. The disclosure for this sale can be found here. Insiders sold 118,676 shares of company stock worth $7,964,038 in the last quarter. 3.39% of the stock is currently owned by company insiders.

Several equities research analysts have issued reports on the company. UBS assumed coverage on Pinnacle Financial Partners in a research report on Wednesday, March 21st. They set a “sell” rating and a $56.00 target price on the stock. BidaskClub downgraded Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Friday, January 26th. Raymond James upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a research report on Tuesday, April 10th. Keefe, Bruyette & Woods upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a research report on Friday, February 16th. Finally, Stephens upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating in a research report on Monday, February 5th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $72.22.

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.

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

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