Wells Fargo & Company MN Increases Position in Pinnacle Financial Partners, Inc. (PNFP)

Wells Fargo & Company MN boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 164.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 813,985 shares of the financial services provider’s stock after buying an additional 506,213 shares during the period. Wells Fargo & Company MN owned approximately 1.05% of Pinnacle Financial Partners worth $54,496,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in PNFP. Advisor Group Inc. grew its position in shares of 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 worth $144,000 after purchasing an additional 291 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of 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 worth $155,000 after purchasing an additional 935 shares in the last quarter. Riverhead Capital Management LLC grew its position in shares of 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 worth $220,000 after purchasing an additional 2,096 shares in the last quarter. South State Corp acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $223,000. Finally, Green Square Capital LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $227,000. Institutional investors and hedge funds own 71.79% of the company’s stock.

In other news, CFO Harold R. Carpenter sold 17,711 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $67.45, for a total transaction of $1,194,606.95. Following the completion of the sale, the chief financial officer now owns 107,090 shares of the company’s stock, valued at approximately $7,223,220.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard D. Callicutt II sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $67.44, for a total transaction of $2,023,200.00. Following the sale, the chairman now directly owns 168,241 shares of the company’s stock, valued at approximately $11,346,173.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,711 shares of company stock valued at $4,483,257. 5.41% of the stock is currently owned by insiders.

Shares of Pinnacle Financial Partners, Inc. (NASDAQ PNFP) opened at $66.60 on Friday. Pinnacle Financial Partners, Inc. has a twelve month low of $58.40 and a twelve month high of $71.85. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a market cap of $5,170.00, a P/E ratio of 19.72, a PEG ratio of 1.57 and a beta of 1.31.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $216.20 million during the quarter, compared to the consensus estimate of $217.13 million. During the same quarter in the prior year, the firm posted $0.78 EPS. The firm’s quarterly revenue 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 company also recently declared a quarterly dividend, which was paid on Friday, November 24th. Stockholders of record on Friday, November 3rd were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date was Thursday, November 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 17.28%.

A number of brokerages have issued reports on PNFP. BidaskClub lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Thursday. Piper Jaffray Companies set a $76.00 target price on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a research report on Thursday, November 30th. Hilliard Lyons upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 8th. 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. Finally, SunTrust Banks restated a “buy” rating and set a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Friday, October 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $73.75.

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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.

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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