Carroll Financial Associates Inc. cut its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 47.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,620 shares of the financial services provider’s stock after selling 6,758 shares during the period. Carroll Financial Associates Inc.’s holdings in Pinnacle Financial Partners were worth $512,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Advisor Group Inc. boosted its position in shares of Pinnacle Financial Partners by 14.5% in the 2nd quarter. Advisor Group Inc. now owns 2,294 shares of the financial services provider’s stock valued at $144,000 after purchasing an additional 291 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $151,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Pinnacle Financial Partners by 61.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,464 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 935 shares during the period. Sei Investments Co. boosted its position in shares of Pinnacle Financial Partners by 270.5% in the 1st quarter. Sei Investments Co. now owns 2,638 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 1,926 shares during the period. Finally, Creative Planning lifted its stake in Pinnacle Financial Partners by 100.2% in the 2nd quarter. Creative Planning now owns 3,218 shares of the financial services provider’s stock worth $202,000 after acquiring an additional 1,611 shares in the last quarter. 69.97% of the stock is owned by institutional investors.
PNFP has been the subject of several research analyst reports. Zacks Investment Research lowered Pinnacle Financial Partners from a “buy” rating to a “sell” rating in a report on Wednesday, October 11th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a report on Thursday, October 19th. Hilliard Lyons lowered Pinnacle Financial Partners from a “buy” rating to a “neutral” rating and set a $74.00 target price on the stock. in a report on Friday, October 20th. SunTrust Banks, Inc. reissued a “buy” rating and set a $73.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, October 4th. Finally, Stephens restated a “hold” rating and set a $71.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. One equities research 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. Pinnacle Financial Partners currently has a consensus rating of “Hold” and an average price target of $73.25.
Shares of Pinnacle Financial Partners, Inc. (NASDAQ PNFP) opened at $63.85 on Friday. The firm has a market capitalization of $4,920.00, a price-to-earnings ratio of 18.93, a PEG ratio of 1.51 and a beta of 1.32. Pinnacle Financial Partners, Inc. has a 52-week low of $53.80 and a 52-week high of $71.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.98 and a current ratio of 0.99.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. Pinnacle Financial Partners had a return on equity of 7.36% and a net margin of 27.41%. The business had revenue of $216.20 million during the quarter, compared to analysts’ expectations of $217.13 million. During the same period in the previous year, the firm earned $0.78 earnings per share. The firm’s quarterly revenue was up 102.8% compared to the same quarter last year. research analysts forecast that Pinnacle Financial Partners, Inc. will post 3.55 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Friday, November 3rd will be paid a $0.14 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 0.88%. Pinnacle Financial Partners’s payout ratio is 17.28%.
In other news, CFO Harold R. Carpenter sold 17,711 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $67.45, for a total value of $1,194,606.95. Following the sale, the chief financial officer now directly owns 107,090 shares in the company, valued at $7,223,220.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $67.28, for a total value of $201,840.00. Following the sale, the insider now owns 55,794 shares in the company, valued at approximately $3,753,820.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,711 shares of company stock valued at $4,466,727. Insiders own 5.41% of the company’s stock.
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About Pinnacle Financial Partners
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.
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