Lecap Asset Management Ltd. Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Lecap Asset Management Ltd. purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,288 shares of the financial services provider’s stock, valued at approximately $253,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. 1248 Management LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $48,000. SVB Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $57,000. Finally, Brooklyn Investment Group boosted its holdings in shares of Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after acquiring an additional 110 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III acquired 1,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were bought at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company’s stock, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Harold R. Carpenter acquired 1,000 shares of the company’s stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the purchase, the chief financial officer directly owned 105,050 shares in the company, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 12,174 shares of company stock valued at $1,047,079 in the last ninety days. 1.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PNFP. Barclays cut their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Monday, July 28th. Keefe, Bruyette & Woods cut their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a report on Wednesday, August 13th. JPMorgan Chase & Co. lifted their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Jefferies Financial Group reaffirmed a “hold” rating and set a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Finally, Citigroup cut their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $112.45.

Pinnacle Financial Partners Stock Up 1.2%

Shares of NASDAQ:PNFP opened at $93.36 on Friday. The company has a market capitalization of $7.24 billion, a price-to-earnings ratio of 12.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The business’s 50-day moving average is $94.14 and its 200-day moving average is $101.62. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The firm’s revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.63 EPS. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners’s payout ratio is currently 12.73%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.