IQ EQ FUND MANAGEMENT IRELAND Ltd Buys 238 Shares of Pinnacle Financial Partners, Inc. $PNFP

IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.3% in the second quarter, Holdings Channel reports. The fund owned 10,492 shares of the financial services provider’s stock after acquiring an additional 238 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Pinnacle Financial Partners were worth $1,158,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Teacher Retirement System of Texas lifted its holdings in shares of Pinnacle Financial Partners by 6.0% during the second quarter. Teacher Retirement System of Texas now owns 18,748 shares of the financial services provider’s stock valued at $2,070,000 after acquiring an additional 1,057 shares during the period. Bessemer Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 4.6% during the second quarter. Bessemer Group Inc. now owns 203,534 shares of the financial services provider’s stock valued at $22,473,000 after acquiring an additional 8,879 shares during the period. AlphaQuest LLC bought a new position in shares of Pinnacle Financial Partners during the second quarter valued at $417,000. First Citizens Bank & Trust Co. lifted its holdings in shares of Pinnacle Financial Partners by 60.0% during the second quarter. First Citizens Bank & Trust Co. now owns 11,123 shares of the financial services provider’s stock valued at $1,228,000 after acquiring an additional 4,171 shares during the period. Finally, Forum Financial Management LP lifted its holdings in shares of Pinnacle Financial Partners by 25.9% during the second quarter. Forum Financial Management LP now owns 3,348 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 688 shares during the period. 87.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PNFP has been the subject of a number of research analyst reports. Stephens cut their price target on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. Wells Fargo & Company cut their price target on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating for the company in a report on Friday, October 17th. UBS Group cut their price target on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating for the company in a report on Tuesday, September 2nd. Barclays set a $120.00 price target on Pinnacle Financial Partners in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $110.27.

Insider Buying and Selling

In other news, Director Thomas C. Farnsworth III acquired 1,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Harold R. Carpenter bought 1,000 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 17,000 shares of company stock worth $1,469,320 over the last three months. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $86.07 on Wednesday. The stock has a 50-day moving average price of $93.53 and a 200 day moving average price of $100.30. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of 10.94 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. The firm had revenue of $544.80 million during the quarter, compared to analyst estimates of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period last year, the company earned $1.86 earnings per share. Research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.20%.

Pinnacle Financial Partners Profile

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.