Principal Financial Group Inc. raised its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 3.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 312,738 shares of the financial services provider’s stock after buying an additional 10,369 shares during the period. Principal Financial Group Inc. owned about 0.40% of Pinnacle Financial Partners worth $20,938,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Prudential Financial Inc. lifted its position in Pinnacle Financial Partners by 4.4% during the third quarter. Prudential Financial Inc. now owns 46,402 shares of the financial services provider’s stock valued at $3,107,000 after buying an additional 1,950 shares in the last quarter. State of Wisconsin Investment Board lifted its position in Pinnacle Financial Partners by 14.7% during the third quarter. State of Wisconsin Investment Board now owns 95,785 shares of the financial services provider’s stock valued at $6,413,000 after buying an additional 12,305 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in Pinnacle Financial Partners by 18.1% during the third quarter. State Board of Administration of Florida Retirement System now owns 80,990 shares of the financial services provider’s stock valued at $5,422,000 after buying an additional 12,400 shares in the last quarter. Channing Capital Management LLC lifted its position in Pinnacle Financial Partners by 58.5% during the third quarter. Channing Capital Management LLC now owns 366,695 shares of the financial services provider’s stock valued at $24,550,000 after buying an additional 135,353 shares in the last quarter. Finally, Brightworth acquired a new position in Pinnacle Financial Partners during the third quarter valued at approximately $241,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CFO Harold R. Carpenter sold 17,711 shares of Pinnacle Financial Partners stock in a transaction on Friday, October 20th. The shares were sold at an average price of $67.45, for a total value of $1,194,606.95. Following the completion of the sale, the chief financial officer now owns 107,090 shares in the company, valued at $7,223,220.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas R. Sloan sold 10,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, October 20th. The stock was sold at an average price of $67.25, for a total transaction of $672,500.00. Following the completion of the sale, the director now owns 128,257 shares of the company’s stock, valued at approximately $8,625,283.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,711 shares of company stock valued at $4,285,377. Insiders own 5.41% of the company’s stock.

Pinnacle Financial Partners, Inc. (PNFP) opened at $65.55 on Thursday. Pinnacle Financial Partners, Inc. has a 12-month low of $58.40 and a 12-month high of $71.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market cap of $5,090.85, a price-to-earnings ratio of 19.26, a PEG ratio of 1.53 and a beta of 1.32.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. The business had revenue of $216.20 million for the quarter, compared to analysts’ expectations of $217.13 million. During the same period in the previous year, the company posted $0.78 earnings per share. The business’s revenue for the quarter was up 102.8% compared to the same quarter last year. research analysts anticipate that Pinnacle Financial Partners, Inc. will post 3.56 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Friday, November 3rd will be paid a $0.14 dividend. The ex-dividend date is Thursday, November 2nd. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.85%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 17.34%.

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PNFP has been the topic of a number of recent research reports. Hilliard Lyons raised shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 8th. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. SunTrust Banks, Inc. reissued a “buy” rating and set a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Friday, October 20th. Piper Jaffray Companies reissued a “buy” rating and set a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Thursday, October 19th. Finally, BidaskClub cut shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $73.25.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.

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

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