Maltese Capital Management LLC decreased its holdings in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 23.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 72,300 shares of the financial services provider’s stock after selling 21,900 shares during the period. Maltese Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $4,156,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Laurel Wealth Advisors LLC bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $33,000. CENTRAL TRUST Co boosted its holdings in shares of Pinnacle Financial Partners by 376.7% in the 2nd quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock valued at $40,000 after buying an additional 565 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $68,000. Valeo Financial Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 66.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock valued at $69,000 after buying an additional 479 shares in the last quarter. Finally, Gradient Investments LLC bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $79,000. 79.68% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently weighed in on PNFP shares. Stephens restated a “hold” rating and issued a $63.00 price target on shares of Pinnacle Financial Partners in a report on Monday, September 16th. JPMorgan Chase & Co. started coverage on shares of Pinnacle Financial Partners in a report on Wednesday, September 18th. They issued a “neutral” rating and a $62.00 price target on the stock. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Finally, Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $61.43.
PNFP stock traded up $0.16 during trading on Monday, reaching $56.77. The company had a trading volume of 6,563 shares, compared to its average volume of 427,162. The firm has a 50-day simple moving average of $54.36 and a 200-day simple moving average of $56.07. The company has a market cap of $4.29 billion, a price-to-earnings ratio of 11.99, a price-to-earnings-growth ratio of 0.66 and a beta of 1.43. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.99 and a current ratio of 0.99. Pinnacle Financial Partners has a twelve month low of $43.23 and a twelve month high of $61.60.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $259.60 million during the quarter, compared to analysts’ expectations of $252.44 million. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. Pinnacle Financial Partners’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the business earned $1.15 EPS. Sell-side analysts expect that Pinnacle Financial Partners will post 5.27 earnings per share for the current year.
In related news, CFO Harold R. Carpenter sold 3,006 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $57.90, for a total value of $174,047.40. Following the completion of the sale, the chief financial officer now directly owns 83,112 shares in the company, valued at approximately $4,812,184.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald L. Samuel sold 500 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $56.38, for a total transaction of $28,190.00. Following the completion of the sale, the director now owns 21,675 shares of the company’s stock, valued at $1,222,036.50. The disclosure for this sale can be found here. Insiders sold a total of 64,475 shares of company stock valued at $3,674,281 over the last quarter. 2.97% of the stock is owned by company insiders.
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.
See Also: What are Bollinger Bands?
Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners (NASDAQ:PNFP).
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.