Pinnacle Financial Partners (NASDAQ:PNFP) Short Interest Update

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Pinnacle Financial Partners (NASDAQ:PNFP) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 3,416,000 shares, a growth of 20.0% from the July 31st total of 2,846,700 shares. Based on an average daily trading volume, of 412,100 shares, the days-to-cover ratio is presently 8.3 days. Approximately 4.8% of the shares of the stock are sold short.

Several equities analysts have weighed in on the company. BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a report on Friday. Finally, Stephens restated a “hold” rating and set a $63.00 price target on shares of Pinnacle Financial Partners in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Pinnacle Financial Partners has an average rating of “Hold” and an average target price of $61.33.

Shares of Pinnacle Financial Partners stock traded up $0.94 on Friday, reaching $57.95. The company had a trading volume of 386,078 shares, compared to its average volume of 420,945. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of 12.23, a P/E/G ratio of 0.75 and a beta of 1.43. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.99 and a quick ratio of 0.99. The firm’s 50-day moving average price is $54.96 and its two-hundred day moving average price is $56.21. Pinnacle Financial Partners has a 1 year low of $43.23 and a 1 year high of $64.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.14. The firm had revenue of $259.60 million during the quarter, compared to analysts’ expectations of $252.44 million. Pinnacle Financial Partners had a return on equity of 9.82% and a net margin of 30.46%. The company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.15 EPS. As a group, analysts anticipate that Pinnacle Financial Partners will post 5.3 EPS for the current year.

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

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 47,174 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $56.96, for a total transaction of $2,687,031.04. Following the completion of the transaction, the chief executive officer now owns 365,197 shares in the company, valued at approximately $20,801,621.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Hugh M. Queener sold 7,295 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $57.06, for a total value of $416,252.70. Following the transaction, the chief accounting officer now owns 225,207 shares of the company’s stock, valued at approximately $12,850,311.42. The disclosure for this sale can be found here. Insiders have sold a total of 61,469 shares of company stock valued at $3,500,349 in the last 90 days. 2.97% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in PNFP. Laurel Wealth Advisors LLC purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $33,000. CENTRAL TRUST Co boosted its holdings in Pinnacle Financial Partners by 376.7% during the 2nd quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 565 shares during the period. Prime Capital Investment Advisors LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter valued at $68,000. Valeo Financial Advisors LLC boosted its holdings in Pinnacle Financial Partners by 66.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 479 shares during the period. Finally, Gradient Investments LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter valued at $79,000. Hedge funds and other institutional investors own 79.76% of the company’s stock.

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.

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