Pinnacle Financial Partners (PNFP) Stake Boosted by Victory Capital Management Inc.

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Victory Capital Management Inc. lifted its stake in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 14.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,431,397 shares of the financial services provider’s stock after purchasing an additional 182,506 shares during the quarter. Victory Capital Management Inc.’s holdings in Pinnacle Financial Partners were worth $86,099,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of Pinnacle Financial Partners by 4.4% during the 2nd quarter. BlackRock Inc. now owns 6,485,908 shares of the financial services provider’s stock worth $397,909,000 after purchasing an additional 273,386 shares during the period. Jennison Associates LLC grew its stake in shares of Pinnacle Financial Partners by 7.1% during the 2nd quarter. Jennison Associates LLC now owns 3,501,820 shares of the financial services provider’s stock worth $214,837,000 after purchasing an additional 233,210 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Pinnacle Financial Partners by 13.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,489,261 shares of the financial services provider’s stock worth $91,369,000 after purchasing an additional 177,866 shares during the period. Wells Fargo & Company MN grew its stake in shares of Pinnacle Financial Partners by 0.6% during the 2nd quarter. Wells Fargo & Company MN now owns 1,030,325 shares of the financial services provider’s stock worth $63,210,000 after purchasing an additional 6,614 shares during the period. Finally, Wedge Capital Management L L P NC grew its stake in shares of Pinnacle Financial Partners by 73.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 966,731 shares of the financial services provider’s stock worth $59,309,000 after purchasing an additional 410,479 shares during the period. 77.84% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently commented on PNFP. BidaskClub cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Saturday, September 29th. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, September 19th. Stephens reissued a “buy” rating and issued a $74.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, October 3rd. ValuEngine cut shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 17th. Finally, Raymond James lowered their price objective on shares of Pinnacle Financial Partners from $72.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, October 18th. Three analysts have rated the stock with a sell rating and eleven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $70.67.

Shares of NASDAQ PNFP opened at $53.29 on Monday. The stock has a market capitalization of $4.15 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 0.71 and a beta of 1.12. Pinnacle Financial Partners has a 52 week low of $49.92 and a 52 week high of $69.95. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 0.97.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $1.21 EPS for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.02. The firm had revenue of $240.90 million for the quarter, compared to analysts’ expectations of $236.67 million. Pinnacle Financial Partners had a net margin of 26.97% and a return on equity of 9.09%. During the same period in the prior year, the company earned $0.90 EPS. As a group, equities research analysts expect that Pinnacle Financial Partners will post 4.71 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 2nd will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.20%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, November 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 17.93%.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction dated Tuesday, September 25th. The shares were sold at an average price of $63.49, for a total value of $101,584.00. Following the transaction, the insider now directly owns 27,975 shares in the company, valued at approximately $1,776,132.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.39% of the stock is currently owned by corporate insiders.

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.

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

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