Impax Asset Management Group plc Increases Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Impax Asset Management Group plc lifted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 42.9% during the second quarter, Holdings Channel reports. The firm owned 100,000 shares of the financial services provider’s stock after acquiring an additional 30,000 shares during the period. Impax Asset Management Group plc’s holdings in Pinnacle Financial Partners were worth $11,041,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. 1248 Management LLC purchased a new position in Pinnacle Financial Partners in the first quarter worth $29,000. Spurstone Advisory Services LLC bought a new stake in Pinnacle Financial Partners in the second quarter worth about $41,000. Ameritas Advisory Services LLC bought a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $45,000. True Wealth Design LLC increased its stake in shares of Pinnacle Financial Partners by 1,778.3% during the 2nd quarter. True Wealth Design LLC now owns 432 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 409 shares during the last quarter. Finally, SVB Wealth LLC bought a new position in Pinnacle Financial Partners during the first quarter valued at $51,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

PNFP opened at $87.87 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $6.82 billion, a P/E ratio of 11.17 and a beta of 1.12. The stock has a 50-day moving average price of $91.09 and a 200-day moving average price of $99.49. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91.

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

Pinnacle Financial Partners Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently commented on PNFP shares. Jefferies Financial Group reaffirmed a “hold” rating and set a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Wells Fargo & Company reduced their price target on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. Hovde Group lowered Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Barclays boosted their price objective on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, UBS Group lowered their target price on shares of Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $109.55.

Insider Activity at Pinnacle Financial Partners

In other news, Director G Kennedy Thompson purchased 5,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $87.63 per share, with a total value of $438,150.00. Following the transaction, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This represents a 17.62% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.46% of the stock is currently owned by insiders.

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.