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.
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%.
WARNING: This piece of content was reported by Baseball Daily News and is the property of of Baseball Daily News. If you are reading this piece of content on another domain, it was copied illegally and republished in violation of international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.baseballdailydigest.com/news/2018/12/03/comerica-bank-has-7-98-million-stake-in-pinnacle-financial-partners-pnfp.html.
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.
Further Reading: Treasury Bonds
Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.