Bank of New York Mellon Corp Sells 27,307 Shares of Pinnacle Financial Partners, Inc. $PNFP

Bank of New York Mellon Corp cut its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 4.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 570,137 shares of the financial services provider’s stock after selling 27,307 shares during the quarter. Bank of New York Mellon Corp’s holdings in Pinnacle Financial Partners were worth $62,949,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. 1248 Management LLC bought a new position in Pinnacle Financial Partners during the first quarter valued at $29,000. Ameritas Advisory Services LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at about $45,000. SVB Wealth LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $51,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Pinnacle Financial Partners in the first quarter worth about $57,000. Finally, Brooklyn Investment Group increased its stake in Pinnacle Financial Partners by 15.3% during the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock worth $88,000 after acquiring an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research note on Wednesday, August 13th. Barclays set a $120.00 price target on Pinnacle Financial Partners in a research report on Wednesday, October 8th. Stephens cut 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 report on Friday, October 17th. UBS Group reduced 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. Finally, Cowen initiated coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $109.09.

Insider Activity at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson purchased 5,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was purchased at an average price of $87.63 per share, with a total value of $438,150.00. Following the completion of the purchase, the director 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 position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $86.61 on Monday. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The firm has a market cap of $6.72 billion, a price-to-earnings ratio of 11.01 and a beta of 1.12. The business’s fifty day simple moving average is $91.91 and its two-hundred day simple moving average is $99.84. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33.

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, beating analysts’ consensus estimates of $2.05 by $0.22. The firm had revenue of $544.80 million during 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 previous year, the firm earned $1.86 earnings per share. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

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

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.