New Mexico Educational Retirement Board trimmed its holdings in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 14.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,300 shares of the financial services provider’s stock after selling 3,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Pinnacle Financial Partners were worth $1,061,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Amalgamated Bank increased its stake in shares of Pinnacle Financial Partners by 11.2% during the second quarter. Amalgamated Bank now owns 16,394 shares of the financial services provider’s stock valued at $1,006,000 after buying an additional 1,655 shares during the period. Suntrust Banks Inc. increased its stake in shares of Pinnacle Financial Partners by 10.2% during the first quarter. Suntrust Banks Inc. now owns 40,691 shares of the financial services provider’s stock valued at $2,611,000 after buying an additional 3,782 shares during the period. Hennessy Advisors Inc. purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at $966,000. Comerica Bank increased its stake in shares of Pinnacle Financial Partners by 1.6% during the first quarter. Comerica Bank now owns 103,833 shares of the financial services provider’s stock valued at $6,547,000 after buying an additional 1,625 shares during the period. Finally, Cortina Asset Management LLC increased its stake in shares of Pinnacle Financial Partners by 5.0% during the first quarter. Cortina Asset Management LLC now owns 202,888 shares of the financial services provider’s stock valued at $13,025,000 after buying an additional 9,675 shares during the period. Institutional investors and hedge funds own 77.04% of the company’s stock.
In other Pinnacle Financial Partners news, Director Gary L. Scott sold 900 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $68.39, for a total value of $61,551.00. Following the transaction, the director now owns 42,419 shares in the company, valued at $2,901,035.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard D. Callicutt II sold 20,000 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, May 15th. The shares were sold at an average price of $65.56, for a total value of $1,311,200.00. Following the completion of the transaction, the chairman now owns 168,741 shares in the company, valued at approximately $11,062,659.96. The disclosure for this sale can be found here. Insiders sold 27,100 shares of company stock worth $1,773,919 in the last quarter. 3.39% of the stock is owned by insiders.
Pinnacle Financial Partners opened at $62.90 on Monday, according to Marketbeat Ratings. Pinnacle Financial Partners has a 1 year low of $58.40 and a 1 year high of $69.95. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.98 and a current ratio of 0.99. The stock has a market capitalization of $4.90 billion, a price-to-earnings ratio of 17.62, a P/E/G ratio of 0.95 and a beta of 1.02.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, July 17th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.01. Pinnacle Financial Partners had a return on equity of 8.59% and a net margin of 25.54%. The company had revenue of $230.20 million for the quarter, compared to analyst estimates of $229.16 million. During the same quarter in the previous year, the firm earned $0.84 earnings per share. The firm’s quarterly revenue was up 62.5% compared to the same quarter last year. sell-side analysts predict that Pinnacle Financial Partners will post 4.71 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Shareholders of record on Friday, August 3rd will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, August 2nd. This represents a $0.56 annualized dividend and a yield of 0.89%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 15.69%.
Pinnacle Financial Partners 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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