Pinnacle Financial Partners Inc. Acquires 858,514 Shares of Pinnacle Financial Partners, Inc. (PNFP)

Pinnacle Financial Partners Inc. raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 337.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,112,747 shares of the financial services provider’s stock after acquiring an additional 858,514 shares during the quarter. Pinnacle Financial Partners comprises approximately 9.6% of Pinnacle Financial Partners Inc.’s portfolio, making the stock its biggest holding. Pinnacle Financial Partners Inc. owned approximately 1.43% of Pinnacle Financial Partners worth $74,498,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Advisor Group Inc. raised its holdings in Pinnacle Financial Partners by 14.5% during the 2nd quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock valued at $144,000 after acquiring an additional 291 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Pinnacle Financial Partners by 61.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 935 shares during the period. Creative Planning raised its holdings in Pinnacle Financial Partners by 100.2% during the 2nd quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock valued at $202,000 after acquiring an additional 1,611 shares during the period. Riverhead Capital Management LLC raised its holdings in Pinnacle Financial Partners by 149.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,496 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 2,096 shares during the period. Finally, South State Corp purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at $223,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

PNFP has been the subject of a number of recent analyst reports. SunTrust Banks, Inc. restated a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research report on Friday, October 20th. Hilliard Lyons upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price target for the company in a research report on Wednesday, August 23rd. Piper Jaffray Companies restated an “overweight” rating and set a $72.00 price target on shares of Pinnacle Financial Partners in a research report on Thursday, October 5th. BidaskClub lowered shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Finally, Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $73.25.

Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) traded up $0.05 on Tuesday, hitting $65.55. 401,300 shares of the stock were exchanged, compared to its average volume of 473,487. The stock has a market cap of $5,080.00, a price-to-earnings ratio of 19.26, a P/E/G ratio of 1.53 and a beta of 1.32. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.99 and a quick ratio of 0.98. Pinnacle Financial Partners, Inc. has a 12-month low of $58.40 and a 12-month high of $71.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. The firm had revenue of $216.20 million during the quarter, compared to analyst estimates of $217.13 million. During the same period in the previous year, the business earned $0.78 EPS. The business’s revenue for the quarter was up 102.8% on a year-over-year basis. research analysts forecast that Pinnacle Financial Partners, Inc. will post 3.56 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 3rd will be given a $0.14 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.56 annualized dividend and a yield of 0.85%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 17.28%.

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In related news, Director Joseph C. Galante bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was bought at an average cost of $59.40 per share, for a total transaction of $59,400.00. Following the completion of the transaction, the director now owns 19,011 shares of the company’s stock, valued at $1,129,253.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s 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 transaction, the insider now owns 58,794 shares of the company’s stock, valued at $3,786,921.54. The disclosure for this sale can be found here. Insiders sold 63,711 shares of company stock valued at $4,285,377 over the last quarter. 5.41% of the stock is owned by company insiders.

Pinnacle Financial Partners Company Profile

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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