Pinnacle Financial Partners (PNFP) Shares Bought by Monarch Partners Asset Management LLC

Monarch Partners Asset Management LLC grew its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 27.7% in the 3rd quarter, Holdings Channel reports. The firm owned 252,705 shares of the financial services provider’s stock after acquiring an additional 54,760 shares during the quarter. Pinnacle Financial Partners makes up about 1.4% of Monarch Partners Asset Management LLC’s holdings, making the stock its 17th biggest holding. Monarch Partners Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $15,200,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. lifted its stake in Pinnacle Financial Partners by 4.4% during the second 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 last quarter. Jennison Associates LLC lifted its stake in Pinnacle Financial Partners by 7.1% during the second 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 last quarter. Dimensional Fund Advisors LP lifted its stake in Pinnacle Financial Partners by 13.6% during the second 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 last quarter. Victory Capital Management Inc. increased its holdings in shares of Pinnacle Financial Partners by 14.6% in the third quarter. Victory Capital Management Inc. now owns 1,431,397 shares of the financial services provider’s stock worth $86,099,000 after buying an additional 182,506 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of Pinnacle Financial Partners by 0.6% in the second quarter. Wells Fargo & Company MN now owns 1,030,325 shares of the financial services provider’s stock worth $63,210,000 after buying an additional 6,614 shares during the period. 77.92% of the stock is owned by hedge funds and other institutional investors.

In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the business’s stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $64.21, for a total transaction of $102,736.00. Following the transaction, the insider now owns 29,575 shares in the company, valued at approximately $1,899,010.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.39% of the stock is owned by insiders.

Several research analysts have recently commented on PNFP shares. SunTrust Banks decreased their price objective on Pinnacle Financial Partners to $65.00 and set a “buy” rating on the stock in a report on Thursday, October 18th. Wells Fargo & Co set a $72.00 price objective on Pinnacle Financial Partners and gave the stock a “buy” rating in a report on Tuesday, October 2nd. BidaskClub downgraded Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. Raymond James decreased their price objective on Pinnacle Financial Partners from $72.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, October 18th. Finally, ValuEngine downgraded Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 17th. Three investment analysts have rated the stock with a sell rating and eleven have assigned a buy rating to the stock. Pinnacle Financial Partners presently has an average rating of “Buy” and an average target price of $70.67.

PNFP opened at $53.29 on Friday. Pinnacle Financial Partners has a 12 month low of $49.92 and a 12 month high of $69.95. The stock has a market capitalization of $4.15 billion, a PE ratio of 11.95, a P/E/G ratio of 0.71 and a beta of 1.12. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. Pinnacle Financial Partners had a return on equity of 9.09% and a net margin of 26.97%. The company had revenue of $240.90 million for the quarter, compared to the consensus estimate of $236.67 million. During the same quarter in the previous year, the business earned $0.90 EPS. On average, analysts predict that Pinnacle Financial Partners will post 4.71 earnings per share for the current year.

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

Pinnacle Financial Partners 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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