Pinnacle Financial Partners (NASDAQ:PNFP) Shares Bought by BlackRock Inc.

BlackRock Inc. grew its holdings in Pinnacle Financial Partners (NASDAQ:PNFP) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,778,226 shares of the financial services provider’s stock after acquiring an additional 51,123 shares during the period. BlackRock Inc. owned about 0.09% of Pinnacle Financial Partners worth $370,769,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. RMB Capital Management LLC increased its stake in shares of Pinnacle Financial Partners by 1.8% during the fourth quarter. RMB Capital Management LLC now owns 147,641 shares of the financial services provider’s stock worth $6,806,000 after acquiring an additional 2,623 shares during the period. Sowell Financial Services LLC increased its stake in shares of Pinnacle Financial Partners by 2.8% during the fourth quarter. Sowell Financial Services LLC now owns 12,945 shares of the financial services provider’s stock worth $597,000 after acquiring an additional 348 shares during the period. Hodges Capital Management Inc. acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $219,000. Shell Asset Management Co. acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $579,000. Finally, Toronto Dominion Bank acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth about $61,000. Institutional investors and hedge funds own 80.58% of the company’s stock.

In other Pinnacle Financial Partners news, Director Charles E. Brock sold 2,000 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $56.05, for a total value of $112,100.00. Following the sale, the director now owns 36,304 shares of the company’s stock, valued at $2,034,839.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard D. Callicutt II sold 15,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $58.56, for a total transaction of $878,400.00. The disclosure for this sale can be found here. Insiders sold 22,635 shares of company stock worth $1,319,389 in the last ninety days. Insiders own 2.97% of the company’s stock.

A number of brokerages have recently issued reports on PNFP. BidaskClub lowered shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Raymond James lowered shares of Pinnacle Financial Partners from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 17th. They noted that the move was a valuation call. Stephens reiterated a “buy” rating and set a $65.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday, April 16th. Finally, Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $62.33.

PNFP stock opened at $56.19 on Wednesday. The stock has a market cap of $4.34 billion, a P/E ratio of 11.85, a P/E/G ratio of 0.77 and a beta of 1.39. Pinnacle Financial Partners has a 52 week low of $43.23 and a 52 week high of $66.80. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.64.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.03. The firm had revenue of $238.30 million for the quarter, compared to the consensus estimate of $246.03 million. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.53%. The firm’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.13 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners will post 5.1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 13.50%.

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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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