Swiss National Bank trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP – Get Rating) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 179,361 shares of the financial services provider’s stock after selling 700 shares during the quarter. Swiss National Bank owned approximately 0.23% of Pinnacle Financial Partners worth $12,970,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Los Angeles Capital Management LLC raised 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 valued at $6,122,000 after purchasing an additional 62,589 shares during the period. Pinebridge Investments L.P. raised its holdings in Pinnacle Financial Partners by 470.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 570 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 470 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in 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 period. Raymond James & Associates raised its holdings in 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 period. Finally, Mutual of America Capital Management LLC raised its holdings in Pinnacle Financial Partners by 2.0% in the 1st quarter. Mutual of America Capital Management LLC now owns 69,423 shares of the financial services provider’s stock valued at $6,392,000 after acquiring an additional 1,333 shares during the period. 80.63% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, Director Gregory L. Burns sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $83.06, for a total value of $166,120.00. Following the sale, the director now owns 22,518 shares of the company’s stock, valued at $1,870,345.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company’s stock.
Pinnacle Financial Partners Stock Up 1.8 %
Pinnacle Financial Partners (NASDAQ:PNFP – Get Rating) last released its quarterly earnings results on Wednesday, October 19th. The financial services provider reported $1.91 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.01). The firm had revenue of $410.59 million for the quarter, compared to analysts’ expectations of $403.05 million. Pinnacle Financial Partners had a return on equity of 10.92% and a net margin of 34.42%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.75 earnings per share. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.45 EPS for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Shareholders of record on Friday, November 4th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.08%. The ex-dividend date is Thursday, November 3rd. Pinnacle Financial Partners’s dividend payout ratio is 12.34%.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on PNFP shares. StockNews.com started coverage on shares of Pinnacle Financial Partners in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Wells Fargo & Company reduced their price target on shares of Pinnacle Financial Partners from $105.00 to $100.00 in a research report on Thursday, October 20th. Raymond James lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research report on Thursday, October 6th. UBS Group reduced their price target on shares of Pinnacle Financial Partners from $94.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 27th. Finally, Stephens raised their target price on shares of Pinnacle Financial Partners to $93.00 in a research report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $88.00.
Pinnacle Financial Partners Company 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 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.
- Get a free copy of the StockNews.com research report on Pinnacle Financial Partners (PNFP)
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