Phocas Financial Corp. Sells 4,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Phocas Financial Corp. decreased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 5.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 69,189 shares of the financial services provider’s stock after selling 4,000 shares during the period. Pinnacle Financial Partners comprises approximately 1.1% of Phocas Financial Corp.’s portfolio, making the stock its 28th biggest holding. Phocas Financial Corp.’s holdings in Pinnacle Financial Partners were worth $7,337,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $48,000. Kapitalo Investimentos Ltda purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. UMB Bank n.a. increased its stake in shares of Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock valued at $91,000 after buying an additional 122 shares during the period. GAMMA Investing LLC increased its stake in shares of Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock valued at $171,000 after buying an additional 551 shares during the period. Finally, Blair William & Co. IL purchased a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $200,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $86.13 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The business’s fifty day moving average is $107.86 and its 200 day moving average is $108.24. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 11.42 and a beta of 1.04.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. The business had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same period in the previous year, the company posted $1.63 earnings per share. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. Research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners’s payout ratio is 12.73%.

Insider Buying and Selling

In related news, CFO Harold R. Carpenter bought 1,000 shares of the company’s stock in a transaction on Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the acquisition, the chief financial officer owned 105,050 shares of the company’s stock, valued at $9,426,136.50. The trade was a 0.96% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PNFP. Stephens reduced their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 29th. Barclays reduced their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating on the stock in a research note on Monday, July 28th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. UBS Group reissued a “neutral” rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Finally, Wells Fargo & Company reduced their price target on Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Friday, July 25th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $118.30.

Pinnacle Financial Partners Company Profile

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.