Comerica Bank reduced its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 5.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,552 shares of the financial services provider’s stock after selling 9,357 shares during the period. Comerica Bank’s holdings in Pinnacle Financial Partners were worth $7,983,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Wedge Capital Management L L P NC raised its stake in shares of Pinnacle Financial Partners by 73.8% in the second quarter. Wedge Capital Management L L P NC now owns 966,731 shares of the financial services provider’s stock valued at $59,309,000 after acquiring an additional 410,479 shares in the last quarter. BlackRock Inc. raised its stake in Pinnacle Financial Partners by 4.4% in the second quarter. BlackRock Inc. now owns 6,485,908 shares of the financial services provider’s stock valued at $397,909,000 after buying an additional 273,386 shares in the last quarter. Jennison Associates LLC raised its stake in Pinnacle Financial Partners by 7.1% in the second quarter. Jennison Associates LLC now owns 3,501,820 shares of the financial services provider’s stock valued at $214,837,000 after buying an additional 233,210 shares in the last quarter. Monarch Partners Asset Management LLC acquired a new stake in Pinnacle Financial Partners in the second quarter valued at $12,144,000. Finally, Mesirow Financial Investment Management Equity Management acquired a new stake in Pinnacle Financial Partners in the third quarter valued at $11,466,000. Institutional investors and hedge funds own 77.84% of the company’s stock.
A number of research firms have weighed in on PNFP. BidaskClub upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a research note on Saturday, August 18th. Zacks Investment Research cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Stephens restated a “buy” rating and issued a $74.00 price target on shares of Pinnacle Financial Partners in a research note on Wednesday, October 3rd. Wells Fargo & Co set a $72.00 price target on Pinnacle Financial Partners and gave the company a “buy” rating in a research note on Tuesday, October 2nd. Finally, Raymond James cut their price target on Pinnacle Financial Partners from $72.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, October 18th. Three investment analysts have rated the stock with a sell rating and ten have assigned a buy rating to the company. Pinnacle Financial Partners presently has an average rating of “Buy” and a consensus target price of $70.67.
In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $63.49, for a total transaction of $101,584.00. Following the transaction, the insider now owns 27,975 shares of the company’s stock, valued at $1,776,132.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.39% of the company’s stock.
Pinnacle Financial Partners stock opened at $53.25 on Friday. Pinnacle Financial Partners has a 1-year low of $49.92 and a 1-year high of $69.95. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 0.71 and a beta of 1.12.
Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.02. The company had revenue of $240.90 million for the quarter, compared to analysts’ expectations of $236.67 million. Pinnacle Financial Partners had a return on equity of 9.09% and a net margin of 26.97%. During the same period last year, the firm earned $0.90 earnings per share. As a group, analysts anticipate that Pinnacle Financial Partners will post 4.71 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 2nd will be issued a dividend of $0.16 per share. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $0.64 annualized dividend and a dividend yield of 1.20%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 17.93%.
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About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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