Pinnacle Financial Partners (PNFP) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 4.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 59,960 shares of the financial services provider’s stock after selling 2,730 shares during the quarter. King Luther Capital Management Corp owned 0.08% of Pinnacle Financial Partners worth $3,607,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund lifted its stake in Pinnacle Financial Partners by 3.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 28,958 shares of the financial services provider’s stock worth $1,777,000 after purchasing an additional 832 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Pinnacle Financial Partners by 17.9% during the second quarter. Envestnet Asset Management Inc. now owns 5,758 shares of the financial services provider’s stock worth $353,000 after purchasing an additional 875 shares during the last quarter. Xact Kapitalforvaltning AB lifted its stake in Pinnacle Financial Partners by 9.9% during the third quarter. Xact Kapitalforvaltning AB now owns 11,095 shares of the financial services provider’s stock worth $667,000 after purchasing an additional 1,000 shares during the last quarter. Bank of Montreal Can lifted its stake in Pinnacle Financial Partners by 15.2% during the second quarter. Bank of Montreal Can now owns 7,856 shares of the financial services provider’s stock worth $482,000 after purchasing an additional 1,037 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its stake in Pinnacle Financial Partners by 1.3% during the second quarter. State Board of Administration of Florida Retirement System now owns 85,926 shares of the financial services provider’s stock worth $5,272,000 after purchasing an additional 1,090 shares during the last quarter. Hedge funds and other institutional investors own 79.26% of the company’s stock.

PNFP has been the topic of several analyst reports. Stephens reaffirmed a “buy” rating and issued a $74.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, October 3rd. Wells Fargo & Co set a $72.00 target price on Pinnacle Financial Partners and gave the stock a “buy” rating in a research report on Tuesday, October 2nd. ValuEngine lowered Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 17th. BidaskClub lowered Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 24th. Finally, Zacks Investment Research lowered Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $70.00.

Shares of NASDAQ PNFP opened at $51.97 on Friday. Pinnacle Financial Partners has a 1-year low of $49.92 and a 1-year high of $69.85. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 0.80 and a beta of 1.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share for the quarter, topping 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 firm had revenue of $240.90 million for the quarter, compared to analyst estimates of $236.67 million. During the same period last year, the company earned $0.90 earnings per share. Sell-side analysts anticipate that Pinnacle Financial Partners will post 4.72 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Friday, November 2nd were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.23%. This is a positive change from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, November 1st. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 17.93%.

In other news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $1,776,132.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.39% of the stock is currently owned by company insiders.

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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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