Pinnacle Financial Partners (PNFP) Stake Lessened by American International Group Inc.

American International Group Inc. lessened its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,999 shares of the financial services provider’s stock after selling 4,664 shares during the quarter. American International Group Inc. owned 0.19% of Pinnacle Financial Partners worth $9,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of PNFP. Bank of Montreal Can raised its position in shares of Pinnacle Financial Partners by 104.6% in the 4th quarter. Bank of Montreal Can now owns 6,393 shares of the financial services provider’s stock worth $425,000 after purchasing an additional 3,268 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Pinnacle Financial Partners by 130.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 2,300 shares of the financial services provider’s stock worth $152,000 after purchasing an additional 1,300 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Pinnacle Financial Partners by 7.0% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 320,836 shares of the financial services provider’s stock worth $21,272,000 after purchasing an additional 20,866 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in Pinnacle Financial Partners in the 4th quarter worth about $350,000. Finally, GW&K Investment Management LLC increased its holdings in Pinnacle Financial Partners by 7.0% in the 4th quarter. GW&K Investment Management LLC now owns 311,132 shares of the financial services provider’s stock worth $20,628,000 after buying an additional 20,486 shares in the last quarter. 73.26% of the stock is owned by hedge funds and other institutional investors.

Several research firms recently commented on PNFP. Keefe, Bruyette & Woods upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a report on Friday, February 16th. BidaskClub upgraded Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a report on Saturday, February 3rd. Zacks Investment Research downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Thursday, April 5th. Raymond James upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 10th. Finally, UBS upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 10th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $72.22.

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 19,515 shares of the business’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $67.63, for a total transaction of $1,319,799.45. Following the completion of the sale, the chairman now directly owns 384,814 shares in the company, valued at approximately $26,024,970.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $66.06, for a total value of $198,180.00. Following the sale, the insider now owns 43,794 shares of the company’s stock, valued at $2,893,031.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,676 shares of company stock valued at $7,964,038. Corporate insiders own 3.39% of the company’s stock.

Pinnacle Financial Partners opened at $66.55 on Monday, MarketBeat reports. The stock has a market cap of $5.18 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 0.88 and a beta of 1.04. Pinnacle Financial Partners has a 52-week low of $58.40 and a 52-week high of $70.30. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.65.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, May 25th. Shareholders of record on Friday, May 4th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend 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 is currently 15.69%.

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)

Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply