Comerica Bank Cuts Stake in Pinnacle Financial Partners (PNFP)

Comerica Bank lowered its stake in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 5.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 150,552 shares of the financial services provider’s stock after selling 9,357 shares during the quarter. Comerica Bank owned approximately 0.19% of Pinnacle Financial Partners worth $7,983,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PNFP. Qube Research & Technologies Ltd acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $133,000. Paloma Partners Management Co bought a new position in shares of Pinnacle Financial Partners in the second quarter valued at $209,000. IFP Advisors Inc grew its stake in shares of Pinnacle Financial Partners by 72.3% in the third quarter. IFP Advisors Inc now owns 5,159 shares of the financial services provider’s stock valued at $310,000 after buying an additional 2,164 shares in the last quarter. Brown Advisory Inc. bought a new position in shares of Pinnacle Financial Partners in the first quarter valued at $345,000. Finally, Quantitative Systematic Strategies LLC grew its stake in shares of Pinnacle Financial Partners by 25.2% in the second quarter. Quantitative Systematic Strategies LLC now owns 5,716 shares of the financial services provider’s stock valued at $351,000 after buying an additional 1,150 shares in the last quarter. 79.26% of the stock is currently owned by institutional investors.

A number of equities analysts have commented on PNFP shares. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, November 28th. Stephens reissued a “buy” rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, October 3rd. ValuEngine raised shares of Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research report on Monday, November 26th. TheStreet downgraded Pinnacle Financial Partners from a “b-” rating to a “c” rating in a research note on Thursday, November 15th. Finally, Zacks Investment Research downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $70.00.

In other Pinnacle Financial Partners news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the stock in a transaction that occurred on 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 directly owns 27,975 shares in the company, valued at approximately $1,776,132.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.39% of the company’s stock.

Shares of Pinnacle Financial Partners stock traded down $0.44 on Monday, hitting $56.91. The stock had a trading volume of 410,015 shares, compared to its average volume of 530,035. Pinnacle Financial Partners has a twelve month low of $49.92 and a twelve month high of $69.95. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $4.47 billion, a P/E ratio of 15.94, a P/E/G ratio of 0.87 and a beta of 1.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. Pinnacle Financial Partners had a return on equity of 9.09% and a net margin of 26.97%. The company had revenue of $240.90 million during the quarter, compared to the consensus estimate of $236.67 million. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Equities analysts anticipate that Pinnacle Financial Partners will post 4.72 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Friday, November 2nd were issued a $0.16 dividend. The ex-dividend date was Thursday, November 1st. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 1.12%. Pinnacle Financial Partners’s dividend payout ratio 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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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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