King Luther Capital Management Corp Cuts Stock Position in Pinnacle Financial Partners (NASDAQ:PNFP)

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King Luther Capital Management Corp lessened its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 14.2{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} during the 2nd quarter, Holdings Channel.com reports. The firm owned 39,220 shares of the financial services provider’s stock after selling 6,505 shares during the quarter. King Luther Capital Management Corp’s holdings in Pinnacle Financial Partners […]

King Luther Capital Management Corp lessened its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 14.2{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} during the 2nd quarter, Holdings Channel.com reports. The firm owned 39,220 shares of the financial services provider’s stock after selling 6,505 shares during the quarter. King Luther Capital Management Corp’s holdings in Pinnacle Financial Partners were worth $1,647,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Dupont Capital Management Corp grew its stake in Pinnacle Financial Partners by 0.7{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} in the second quarter. Dupont Capital Management Corp now owns 34,886 shares of the financial services provider’s stock valued at $1,465,000 after purchasing an additional 247 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Pinnacle Financial Partners by 2.3{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} during the second quarter. Louisiana State Employees Retirement System now owns 17,800 shares of the financial services provider’s stock worth $747,000 after purchasing an additional 400 shares during the period. Arizona State Retirement System lifted its holdings in shares of Pinnacle Financial Partners by 2.5{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} during the second quarter. Arizona State Retirement System now owns 17,499 shares of the financial services provider’s stock worth $735,000 after purchasing an additional 423 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in shares of Pinnacle Financial Partners by 2.2{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} during the second quarter. Ameritas Investment Partners Inc. now owns 20,626 shares of the financial services provider’s stock worth $866,000 after purchasing an additional 440 shares during the period. Finally, Cerebellum GP LLC acquired a new stake in shares of Pinnacle Financial Partners during the second quarter worth about $29,000. Institutional investors own 77.70{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} of the company’s stock.

Shares of Pinnacle Financial Partners stock traded down $0.20 on Monday, reaching $40.68. The company’s stock had a trading volume of 5,839 shares, compared to its average volume of 504,556. The company has a market capitalization of $3.10 billion, a P/E ratio of 10.25 and a beta of 1.39. Pinnacle Financial Partners has a 52-week low of $27.80 and a 52-week high of $65.00. The stock has a 50-day moving average price of $41.02 and a 200-day moving average price of $42.63. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.56.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.83 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.05). The business had revenue of $273.61 million during the quarter, compared to analysts’ expectations of $270.63 million. Pinnacle Financial Partners had a net margin of 22.12{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} and a return on equity of 6.94{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a}. Sell-side analysts forecast that Pinnacle Financial Partners will post 3.16 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.57{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a}. The ex-dividend date was Thursday, August 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 11.92{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a}.

In related news, Director Gary L. Scott sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $44.15, for a total transaction of $132,450.00. Following the completion of the sale, the director now directly owns 35,731 shares in the company, valued at $1,577,523.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Ingram purchased 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were purchased at an average price of $41.87 per share, with a total value of $1,674,800.00. Following the completion of the transaction, the director now directly owns 120,000 shares of the company’s stock, valued at approximately $5,024,400. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 56,000 shares of company stock valued at $2,434,800 and sold 13,035 shares valued at $561,219. 2.98{d05f388fa08f4d675a822acf1486e94712302178bac778b4b99d28e44a90be3a} of the stock is owned by insiders.

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their target price on Pinnacle Financial Partners from $38.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, June 18th. UBS Group boosted their price target on Pinnacle Financial Partners from $32.50 to $35.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. SunTrust Banks boosted their price target on Pinnacle Financial Partners from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, June 15th. They noted that the move was a valuation call. BidaskClub raised Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 12th. Finally, Raymond James raised Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Wednesday, June 17th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $47.43.

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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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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