The Manufacturers Life Insurance Company Cuts Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

The Manufacturers Life Insurance Company reduced its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFPGet Rating) by 3.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,115,800 shares of the financial services provider’s stock after selling 42,812 shares during the quarter. The Manufacturers Life Insurance Company owned 1.46% of Pinnacle Financial Partners worth $102,743,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Los Angeles Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 1,607.7% in the 1st quarter. Los Angeles Capital Management LLC now owns 66,482 shares of the financial services provider’s stock worth $6,122,000 after purchasing an additional 62,589 shares in the last quarter. TD Asset Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 83.2% in the 4th quarter. TD Asset Management Inc. now owns 79,520 shares of the financial services provider’s stock valued at $7,594,000 after acquiring an additional 36,107 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in shares of Pinnacle Financial Partners by 54.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 111,217 shares of the financial services provider’s stock valued at $10,241,000 after acquiring an additional 39,027 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Pinnacle Financial Partners by 39.1% in the 1st quarter. Raymond James & Associates now owns 81,418 shares of the financial services provider’s stock valued at $7,497,000 after acquiring an additional 22,877 shares during the last quarter. Finally, Journey Strategic Wealth LLC bought a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at about $202,000. 80.63% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Up 2.0 %

Shares of NASDAQ:PNFP opened at $83.86 on Friday. Pinnacle Financial Partners, Inc. has a 52-week low of $67.86 and a 52-week high of $111.31. The firm has a market capitalization of $6.41 billion, a P/E ratio of 12.03 and a beta of 1.17. The stock has a 50 day moving average price of $79.83 and a 200-day moving average price of $81.81. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.85 and a current ratio of 0.85.

Pinnacle Financial Partners (NASDAQ:PNFPGet Rating) last announced its earnings results on Tuesday, July 19th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.18. Pinnacle Financial Partners had a return on equity of 10.76% and a net margin of 36.17%. The firm had revenue of $390.08 million during the quarter, compared to analyst estimates of $367.48 million. During the same quarter in the prior year, the company earned $1.68 EPS. The business’s revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.3 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 5th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend was Thursday, August 4th. Pinnacle Financial Partners’s dividend payout ratio is currently 12.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PNFP shares. JPMorgan Chase & Co. lowered their target price on Pinnacle Financial Partners from $123.00 to $95.00 and set an “overweight” rating for the company in a research note on Friday, July 1st. Jefferies Financial Group lowered Pinnacle Financial Partners from a “hold” rating to an “underperform” rating and lowered their target price for the company from $85.00 to $66.00 in a research note on Monday, July 11th. Stephens boosted their target price on Pinnacle Financial Partners to $93.00 in a research note on Friday, July 22nd. StockNews.com raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, July 19th. Finally, Raymond James raised Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Thursday, July 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus price target of $92.29.

Insider Transactions at Pinnacle Financial Partners

In other news, Director Gregory L. Burns sold 1,500 shares of the stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $77.50, for a total value of $116,250.00. Following the completion of the transaction, the director now owns 24,518 shares of the company’s stock, valued at approximately $1,900,145. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Pinnacle Financial Partners Profile

(Get Rating)

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the 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, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts.

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

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