Pinnacle Financial Partners Inc. (PNFP) Stake Boosted by Prudential Financial Inc.
Prudential Financial Inc. raised its position in Pinnacle Financial Partners Inc. (NASDAQ:PNFP) by 10.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 94,264 shares of the financial services provider’s stock after buying an additional 9,160 shares during the period. Prudential Financial Inc. owned approximately 0.23% of Pinnacle Financial Partners worth $4,605,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of PNFP. Strs Ohio increased its position in shares of Pinnacle Financial Partners by 300.0% in the second quarter. Strs Ohio now owns 2,400 shares of the financial services provider’s stock worth $117,000 after buying an additional 1,800 shares during the last quarter. BlackRock Inc. increased its position in shares of Pinnacle Financial Partners by 152.4% in the first quarter. BlackRock Inc. now owns 2,542 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,535 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth about $125,000. Huntington Asset Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the first quarter worth about $152,000. Finally, Teacher Retirement System of Texas increased its position in shares of Pinnacle Financial Partners by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 5,431 shares of the financial services provider’s stock worth $265,000 after buying an additional 657 shares during the last quarter. 63.99% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pinnacle Financial Partners Inc. (NASDAQ:PNFP) opened at 53.73 on Friday. Pinnacle Financial Partners Inc. has a 12 month low of $43.32 and a 12 month high of $57.99. The firm has a market capitalization of $2.23 billion, a P/E ratio of 19.97 and a beta of 1.54. The firm’s 50-day moving average price is $55.29 and its 200 day moving average price is $51.62.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.75 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. Pinnacle Financial Partners had a net margin of 26.36% and a return on equity of 9.58%. Analysts anticipate that Pinnacle Financial Partners Inc. will post $3.03 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on PNFP. Zacks Investment Research raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, July 26th. SunTrust Banks Inc. upped their price target on Pinnacle Financial Partners from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 15th. Piper Jaffray Cos. raised Pinnacle Financial Partners from a “neutral” rating to an “overweight” rating and upped their target price for the company from $51.00 to $60.00 in a research report on Tuesday, July 12th. Finally, Sandler O’Neill downgraded Pinnacle Financial Partners from a “buy” rating to a “hold” rating and set a $60.00 target price on the stock. in a research report on Tuesday, September 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Buy” 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 firm’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $53.96, for a total value of $539,600.00. Following the completion of the transaction, the director now owns 55,863 shares of the company’s stock, valued at approximately $3,014,367.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.30% of the stock is currently owned by company insiders.
Pinnacle Financial Partners Company Profile
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.
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