Walthausen & Co. LLC Takes Position in Pinnacle Financial Partners, Inc. (PNFP)

Walthausen & Co. LLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 161,538 shares of the financial services provider’s stock, valued at approximately $10,145,000. Walthausen & Co. LLC owned about 0.21% of Pinnacle Financial Partners as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Advisor Group Inc. raised its holdings in Pinnacle Financial Partners by 14.5% during the second quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 291 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Pinnacle Financial Partners during the first quarter worth $151,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Pinnacle Financial Partners by 61.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock worth $155,000 after purchasing an additional 935 shares during the last quarter. Sei Investments Co. raised its holdings in Pinnacle Financial Partners by 270.5% during the first quarter. Sei Investments Co. now owns 2,638 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 1,926 shares during the last quarter. Finally, Creative Planning raised its holdings in Pinnacle Financial Partners by 100.2% during the second quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock worth $202,000 after purchasing an additional 1,611 shares during the last quarter. 69.28% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners, Inc. (PNFP) traded down 0.334% during trading on Wednesday, reaching $67.175. The company’s stock had a trading volume of 39,155 shares. The firm has a 50-day moving average price of $63.57 and a 200-day moving average price of $63.45. The firm has a market capitalization of $5.22 billion, a P/E ratio of 21.600 and a beta of 1.31. Pinnacle Financial Partners, Inc. has a 52 week low of $49.40 and a 52 week high of $71.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The company had revenue of $141.70 million during the quarter, compared to the consensus estimate of $130.23 million. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s quarterly revenue was up 31.4% compared to the same quarter last year. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post $3.48 EPS for the current fiscal year.

In other news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $64.41, for a total transaction of $193,230.00. Following the completion of the sale, the insider now owns 58,794 shares in the company, valued at approximately $3,786,921.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph C. Galante acquired 1,000 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $59.40 per share, with a total value of $59,400.00. Following the transaction, the director now directly owns 19,011 shares in the company, valued at approximately $1,129,253.40. The disclosure for this purchase can be found here. Insiders have sold a total of 110,480 shares of company stock valued at $7,150,574 in the last quarter. Insiders own 5.41% of the company’s stock.

Several brokerages recently issued reports on PNFP. BidaskClub cut Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Stephens reaffirmed a “hold” rating and set a $71.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, July 20th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $73.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, October 4th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $72.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, October 5th. Finally, Hilliard Lyons raised Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price objective for the company in a report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $68.40.

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About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.

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

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