ING Groep NV purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,820 shares of the financial services provider’s stock, valued at approximately $554,000.

A number of other large investors have also recently added to or reduced their stakes in PNFP. Creative Planning bought a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $107,000. Glen Harbor Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 6.8% in the first quarter. Glen Harbor Capital Management LLC now owns 1,716 shares of the financial services provider’s stock worth $114,000 after buying an additional 110 shares in the last quarter. Founders Capital Management bought a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $135,000. Elkfork Partners LLC raised its position in shares of Pinnacle Financial Partners by 6.8% in the first quarter. Elkfork Partners LLC now owns 2,184 shares of the financial services provider’s stock worth $145,000 after buying an additional 140 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Pinnacle Financial Partners during the first quarter worth approximately $151,000. Institutional investors own 77.76% of the company’s stock.

Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) traded up 0.47% on Friday, hitting $64.00. 301,408 shares of the stock were exchanged. The company has a 50-day moving average price of $64.12 and a 200-day moving average price of $64.98. Pinnacle Financial Partners, Inc. has a one year low of $49.40 and a one year high of $71.85. The firm has a market capitalization of $3.40 billion, a PE ratio of 20.56 and a beta of 1.27.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.80 by $0.04. The business had revenue of $141.70 million during the quarter, compared to the consensus estimate of $130.23 million. Pinnacle Financial Partners had a net margin of 27.36% and a return on equity of 7.67%. Pinnacle Financial Partners’s revenue was up 31.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 EPS. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post $3.45 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 4th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Wednesday, August 2nd. Pinnacle Financial Partners’s payout ratio is 18.01%.

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A number of research analysts have recently commented on PNFP shares. Stephens reaffirmed a “hold” rating and set a $71.00 price objective on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research report on Tuesday, April 11th. BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Finally, Hilliard Lyons reaffirmed a “neutral” rating and set a $69.00 price objective (down previously from $71.00) on shares of Pinnacle Financial Partners in a research report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average price target of $65.20.

In related news, Director Joseph C. Galante bought 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, May 31st. The stock was acquired at an average price of $59.73 per share, with a total value of $59,730.00. Following the acquisition, the director now owns 18,511 shares of the company’s stock, valued at approximately $1,105,662.03. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of Pinnacle Financial Partners stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $62.08, for a total transaction of $186,240.00. Following the sale, the insider now directly owns 67,794 shares of the company’s stock, valued at approximately $4,208,651.52. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 1,425 shares of company stock valued at $86,180 and have sold 107,480 shares valued at $6,962,234. Insiders own 5.41% of the company’s stock.

About Pinnacle Financial Partners

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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