VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Holdings in Pinnacle Financial Partners, Inc. $PNFP

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 6,500 shares of the financial services provider’s stock, valued at approximately $718,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its stake in Pinnacle Financial Partners by 5.9% in the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock valued at $168,873,000 after acquiring an additional 88,282 shares during the last quarter. Fenimore Asset Management Inc grew its stake in Pinnacle Financial Partners by 2.2% in the 2nd quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock valued at $118,908,000 after acquiring an additional 23,552 shares during the last quarter. Azora Capital LP grew its stake in Pinnacle Financial Partners by 9.2% in the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock valued at $105,878,000 after acquiring an additional 84,538 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in Pinnacle Financial Partners by 2.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider’s stock valued at $103,767,000 after acquiring an additional 18,807 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Pinnacle Financial Partners by 3.9% in the 1st quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider’s stock valued at $93,458,000 after acquiring an additional 32,975 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Pinnacle Financial Partners

In related news, Director Thomas C. Farnsworth III acquired 1,000 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the acquisition, the director directly owned 28,277 shares in the company, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director G Kennedy Thompson acquired 10,000 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the acquisition, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 17,174 shares of company stock worth $1,485,229 in the last three months. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.6%

Shares of PNFP stock opened at $88.26 on Friday. The firm has a market cap of $6.85 billion, a P/E ratio of 11.21 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The firm’s 50-day simple moving average is $93.80 and its 200-day simple moving average is $100.28.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same period in the prior year, the firm posted $1.86 EPS. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Stephens lowered their price objective on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Barclays set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company decreased their price target on shares of Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $110.27.

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.