PAX Financial Group LLC Sells 4,347 Shares of Pinnacle Financial Partners, Inc. $PNFP

PAX Financial Group LLC lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 31.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,625 shares of the financial services provider’s stock after selling 4,347 shares during the quarter. PAX Financial Group LLC’s holdings in Pinnacle Financial Partners were worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Jefferies Financial Group Inc. purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $850,000. Trexquant Investment LP lifted its stake in shares of Pinnacle Financial Partners by 27.4% in the 1st quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock worth $2,458,000 after purchasing an additional 4,989 shares during the period. CWM LLC grew its position in Pinnacle Financial Partners by 475.2% during the first quarter. CWM LLC now owns 3,526 shares of the financial services provider’s stock valued at $374,000 after buying an additional 2,913 shares during the period. Azora Capital LP grew its position in shares of Pinnacle Financial Partners by 9.2% during 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 period. Finally, Graham Capital Management L.P. bought a new position in Pinnacle Financial Partners in the 1st quarter worth $1,426,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director G Kennedy Thompson acquired 5,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The shares were acquired at an average cost of $87.63 per share, with a total value of $438,150.00. Following the acquisition, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.46% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNFP. Citigroup decreased their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Friday, July 25th. Barclays raised their target price on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 11th. Stephens lowered their price target on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. TD Cowen began coverage on shares of Pinnacle Financial Partners in a research note on Thursday, September 25th. They issued a “buy” rating and a $122.00 price objective for the company. Finally, Hovde Group cut shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $109.55.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $89.18 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The company’s fifty day moving average price is $90.92 and its 200-day moving average price is $99.40. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company has a market capitalization of $6.92 billion, a PE ratio of 11.33 and a beta of 1.12.

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

Pinnacle Financial Partners Dividend Announcement

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

About Pinnacle Financial Partners

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.