Pinnacle Financial Partners (PNFP) Shares Sold by Los Angeles Capital Management & Equity Research Inc.
Los Angeles Capital Management & Equity Research Inc. cut its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 13.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,959 shares of the financial services provider’s stock after selling 600 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Pinnacle Financial Partners were worth $217,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. boosted its stake in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 135,053 shares of the financial services provider’s stock worth $7,388,000 after acquiring an additional 7,864 shares during the period. Palisades Hudson Asset Management L.P. bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $205,000. Brinker Capital Inc. boosted its stake in shares of Pinnacle Financial Partners by 94.1% during the 1st quarter. Brinker Capital Inc. now owns 41,843 shares of the financial services provider’s stock worth $2,289,000 after acquiring an additional 20,290 shares during the period. Hodges Capital Management Inc. bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $219,000. Finally, Sciencast Management LP bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $498,000. Institutional investors and hedge funds own 82.32% of the company’s stock.
Several research analysts have recently commented on the company. BidaskClub downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Wednesday. Raymond James downgraded Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 17th. They noted that the move was a valuation call. Stephens reiterated a “buy” rating and set a $65.00 target price on shares of Pinnacle Financial Partners in a research note on Tuesday, April 16th. Finally, Zacks Investment Research downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $64.14.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Monday, April 15th. The financial services provider reported $1.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.03. The business had revenue of $238.30 million during the quarter, compared to analysts’ expectations of $246.03 million. Pinnacle Financial Partners had a return on equity of 9.53% and a net margin of 30.80%. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period last year, the firm posted $1.13 EPS. As a group, equities research analysts forecast that Pinnacle Financial Partners will post 5.08 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.64 annualized dividend and a yield of 1.15%. Pinnacle Financial Partners’s payout ratio is currently 13.50%.
In related news, CFO Harold R. Carpenter sold 10,075 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $57.75, for a total transaction of $581,831.25. Following the completion of the sale, the chief financial officer now directly owns 86,423 shares of the company’s stock, valued at approximately $4,990,928.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $58.55, for a total value of $93,680.00. Following the sale, the insider now directly owns 24,775 shares of the company’s stock, valued at $1,450,576.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,223 shares of company stock valued at $2,808,137. 2.97% of the stock is currently owned by insiders.
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About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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