Phocas Financial Corp. Buys Shares of 173,488 Pinnacle Financial Partners (PNFP)

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Phocas Financial Corp. bought a new stake in shares of Pinnacle Financial Partners (NASDAQ:PNFP) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 173,488 shares of the financial services provider’s stock, valued at approximately $7,998,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Pinnacle Financial Partners by 0.4% in the 3rd quarter. BlackRock Inc. now owns 6,512,145 shares of the financial services provider’s stock valued at $391,704,000 after purchasing an additional 26,237 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $539,000. Credit Suisse AG lifted its stake in shares of Pinnacle Financial Partners by 13.0% in the 3rd quarter. Credit Suisse AG now owns 57,418 shares of the financial services provider’s stock valued at $3,454,000 after purchasing an additional 6,603 shares during the period. Elizabeth Park Capital Advisors Ltd. lifted its stake in shares of Pinnacle Financial Partners by 6.1% in the 3rd quarter. Elizabeth Park Capital Advisors Ltd. now owns 224,418 shares of the financial services provider’s stock valued at $13,499,000 after purchasing an additional 13,000 shares during the period. Finally, Atlanta Capital Management Co. L L C lifted its stake in shares of Pinnacle Financial Partners by 2.2% in the 3rd quarter. Atlanta Capital Management Co. L L C now owns 481,666 shares of the financial services provider’s stock valued at $28,972,000 after purchasing an additional 10,298 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

PNFP stock traded up $0.21 during trading on Monday, reaching $52.33. 3,406 shares of the stock were exchanged, compared to its average volume of 386,434. Pinnacle Financial Partners has a twelve month low of $43.23 and a twelve month high of $68.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $4.07 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 0.74 and a beta of 1.40.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, January 15th. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.02. Pinnacle Financial Partners had a return on equity of 9.51% and a net margin of 31.32%. The business had revenue of $247.50 million for the quarter, compared to the consensus estimate of $246.73 million. During the same period in the prior year, the business earned $0.97 EPS. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. Equities analysts predict that Pinnacle Financial Partners will post 5.06 earnings per share for the current year.

A number of research analysts have recently issued reports on the company. Zacks Investment Research downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Friday, January 4th. Wells Fargo & Co dropped their price objective on Pinnacle Financial Partners from $72.00 to $58.00 and set an “outperform” rating on the stock in a research note on Thursday, January 3rd. BidaskClub raised Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a research note on Saturday, February 23rd. ValuEngine raised Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research note on Monday, November 26th. Finally, Stephens reissued a “buy” rating and issued a $60.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, December 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $64.00.

In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $58.55, for a total transaction of $93,680.00. Following the transaction, the insider now directly owns 24,775 shares of the company’s stock, valued at approximately $1,450,576.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Richard D. Callicutt II sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $58.56, for a total value of $878,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,588 shares of company stock worth $2,479,247. 2.97% of the stock is owned by company insiders.

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Pinnacle Financial Partners Company Profile

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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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).

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

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