Victory Capital Management Inc. Has $70.72 Million Holdings in Pinnacle Financial Partners (PNFP)

Victory Capital Management Inc. grew its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 7.2% during the 4th quarter, HoldingsChannel reports. The fund owned 1,534,037 shares of the financial services provider’s stock after purchasing an additional 102,640 shares during the quarter. Victory Capital Management Inc.’s holdings in Pinnacle Financial Partners were worth $70,719,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Patten & Patten Inc. TN lifted its holdings in shares of Pinnacle Financial Partners by 1.2% during the fourth quarter. Patten & Patten Inc. TN now owns 37,266 shares of the financial services provider’s stock valued at $1,718,000 after purchasing an additional 427 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in shares of Pinnacle Financial Partners by 7.7% during the fourth quarter. Crossmark Global Holdings Inc. now owns 7,571 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 540 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Pinnacle Financial Partners by 1.1% during the fourth quarter. Arizona State Retirement System now owns 52,550 shares of the financial services provider’s stock valued at $2,423,000 after purchasing an additional 571 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 0.7% during the third quarter. Teachers Advisors LLC now owns 129,502 shares of the financial services provider’s stock valued at $7,790,000 after purchasing an additional 873 shares in the last quarter. Finally, Chesley Taft & Associates LLC lifted its holdings in shares of Pinnacle Financial Partners by 12.8% during the fourth quarter. Chesley Taft & Associates LLC now owns 7,825 shares of the financial services provider’s stock valued at $361,000 after purchasing an additional 890 shares in the last quarter. 81.42% of the stock is currently owned by institutional investors and hedge funds.

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PNFP has been the topic of a number of research analyst reports. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Wednesday, November 28th. UBS Group raised Pinnacle Financial Partners from a “sell” rating to a “neutral” rating and set a $50.00 price target on the stock in a report on Tuesday, January 8th. SunTrust Banks lowered their price target on Pinnacle Financial Partners to $65.00 and set a “buy” rating on the stock in a report on Thursday, October 18th. Stephens reaffirmed a “buy” rating and set a $60.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, December 19th. Finally, ValuEngine raised Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a report on Monday, November 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $64.86.

Pinnacle Financial Partners stock traded down $0.33 during mid-day trading on Thursday, reaching $56.61. 5,588 shares of the stock traded hands, compared to its average volume of 479,247. The stock has a market cap of $4.39 billion, a PE ratio of 11.96, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.97. Pinnacle Financial Partners has a 12-month low of $43.23 and a 12-month high of $68.85.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 22nd. Investors of record on Friday, February 1st will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Thursday, January 31st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 13.50%.

In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $55.96, for a total transaction of $89,536.00. Following the completion of the sale, the insider now owns 26,375 shares in the company, valued at $1,475,945. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.39% of the stock is currently owned by corporate insiders.

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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: Fiduciary

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