Great West Life Assurance Co. Can continued to hold its position in shares of Pinnacle Financial Partners Inc. (NASDAQ:PNFP) during the second quarter, Holdings Channel reports. The fund owned 3,126 shares of the financial services provider’s stock at the end of the second quarter. Great West Life Assurance Co. Can’s holdings in Pinnacle Financial Partners were worth $153,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PNFP. Norges Bank acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at about $11,127,000. Hilton Capital Management LLC increased its position in shares of Pinnacle Financial Partners by 60.3% in the first quarter. Hilton Capital Management LLC now owns 8,495 shares of the financial services provider’s stock valued at $417,000 after buying an additional 3,195 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Pinnacle Financial Partners by 10.1% in the first quarter. TIAA CREF Investment Management LLC now owns 187,550 shares of the financial services provider’s stock valued at $9,201,000 after buying an additional 17,144 shares during the last quarter. Teachers Advisors Inc. increased its position in shares of Pinnacle Financial Partners by 314.4% in the first quarter. Teachers Advisors Inc. now owns 241,745 shares of the financial services provider’s stock valued at $11,860,000 after buying an additional 183,403 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Pinnacle Financial Partners by 1.9% in the first quarter. Prudential Financial Inc. now owns 85,104 shares of the financial services provider’s stock valued at $4,175,000 after buying an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 63.99% of the company’s stock.

Shares of Pinnacle Financial Partners Inc. (NASDAQ:PNFP) traded up 0.58% during midday trading on Wednesday, hitting $55.30. The company had a trading volume of 158,408 shares. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of 20.55 and a beta of 1.58. Pinnacle Financial Partners Inc. has a one year low of $43.32 and a one year high of $57.99. The stock’s 50-day moving average price is $55.02 and its 200-day moving average price is $50.87.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.75. Pinnacle Financial Partners had a return on equity of 9.58% and a net margin of 26.36%. Analysts predict that Pinnacle Financial Partners Inc. will post $3.00 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Investors of record on Friday, August 5th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Wednesday, August 3rd. Pinnacle Financial Partners’s dividend payout ratio is currently 20.90%.

PNFP has been the subject of several research analyst reports. Zacks Investment Research upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Wednesday, June 22nd. Piper Jaffray Cos. raised Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $51.00 to $60.00 in a research note on Tuesday, July 12th. SunTrust Banks Inc. lifted their target price on Pinnacle Financial Partners from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 15th. Finally, Sandler O’Neill cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 target price for the company. in a research note on Tuesday, September 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $57.00.

In other Pinnacle Financial Partners news, Director William H. Iv Huddleston sold 10,000 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $53.96, for a total transaction of $539,600.00. Following the completion of the sale, the director now directly owns 55,863 shares in the company, valued at $3,014,367.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.30% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc (Pinnacle) is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks.

5 Day Chart for NASDAQ:PNFP

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