Mendon Capital Advisors Corp Trims Holdings in Pinnacle Financial Partners (NASDAQ:PNFP)

Mendon Capital Advisors Corp cut its holdings in Pinnacle Financial Partners (NASDAQ:PNFP) by 33.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,631 shares of the financial services provider’s stock after selling 89,369 shares during the quarter. Pinnacle Financial Partners makes up about 1.6% of Mendon Capital Advisors Corp’s holdings, making the stock its 21st biggest holding. Mendon Capital Advisors Corp owned 0.23% of Pinnacle Financial Partners worth $10,383,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PNFP. Dimensional Fund Advisors LP grew its position in shares of Pinnacle Financial Partners by 5.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock worth $73,135,000 after buying an additional 82,699 shares during the period. Geode Capital Management LLC boosted its stake in Pinnacle Financial Partners by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 782,490 shares of the financial services provider’s stock worth $36,072,000 after purchasing an additional 53,626 shares in the last quarter. First Republic Investment Management Inc. boosted its stake in Pinnacle Financial Partners by 4.2% in the 1st quarter. First Republic Investment Management Inc. now owns 6,917 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 277 shares in the last quarter. Alps Advisors Inc. bought a new position in Pinnacle Financial Partners in the 1st quarter worth about $385,000. Finally, Sigma Planning Corp bought a new position in Pinnacle Financial Partners in the 1st quarter worth about $289,000. 79.76% of the stock is currently owned by hedge funds and other institutional investors.

PNFP traded up $1.19 during midday trading on Friday, hitting $58.20. 37,466 shares of the company traded hands, compared to its average volume of 395,396. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $4.28 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.75 and a beta of 1.43. The company’s 50-day moving average is $54.96 and its 200 day moving average is $56.21. Pinnacle Financial Partners has a 52 week low of $43.23 and a 52 week high of $64.85.



Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.14. The business had revenue of $259.60 million for 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%. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.15 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners will post 5.3 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Thursday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 13.50%.

PNFP has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Friday. Stephens reiterated a “hold” rating and issued a $63.00 price target on shares of Pinnacle Financial Partners in a research note on Thursday, July 18th. Finally, BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $61.33.

In related news, Director David B. Ingram bought 20,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were acquired at an average price of $54.28 per share, for a total transaction of $1,085,600.00. Following the purchase, the director now owns 54,067 shares of the company’s stock, valued at $2,934,756.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman Ronald L. Samuel sold 500 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $60.48, for a total transaction of $30,240.00. Following the transaction, the insider now owns 22,175 shares in the company, valued at approximately $1,341,144. The disclosure for this sale can be found here. Insiders have sold a total of 7,000 shares of company stock worth $397,065 in the last 90 days. Company insiders own 2.97% of the company’s stock.

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

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