BNP Paribas Arbitrage SA boosted its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 187.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,358 shares of the financial services provider’s stock after buying an additional 17,836 shares during the period. BNP Paribas Arbitrage SA owned approximately 0.05% of Pinnacle Financial Partners worth $1,718,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Creative Planning purchased a new stake in Pinnacle Financial Partners during the first quarter valued at about $107,000. Glen Harbor Capital Management LLC raised its stake in 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 valued at $114,000 after buying an additional 110 shares during the last quarter. Founders Capital Management purchased a new stake in Pinnacle Financial Partners during the first quarter valued at about $135,000. Elkfork Partners LLC raised its stake in 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 valued at $145,000 after buying an additional 140 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Pinnacle Financial Partners during the first quarter valued at about $151,000. Hedge funds and other institutional investors own 69.28% of the company’s stock.

Shares of Pinnacle Financial Partners, Inc. (PNFP) opened at 62.75 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $49.40 and a 1-year high of $71.85. The company has a market cap of $4.83 billion, a price-to-earnings ratio of 20.16 and a beta of 1.30. The stock has a 50 day moving average of $62.79 and a 200 day moving average of $64.27.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.04. Pinnacle Financial Partners had a return on equity of 7.67% and a net margin of 27.36%. The firm had revenue of $141.70 million during the quarter, compared to the consensus estimate of $130.23 million. During the same period last year, the company earned $0.75 earnings per share. The company’s revenue was up 31.4% on a year-over-year basis. On average, equities analysts forecast that Pinnacle Financial Partners, Inc. will post $3.46 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 4th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, August 2nd. This represents a $0.56 annualized dividend and a dividend yield of 0.89%. Pinnacle Financial Partners’s payout ratio is presently 18.01%.

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PNFP has been the subject of several recent analyst reports. Hilliard Lyons upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Wednesday, August 23rd. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. Finally, Stephens reiterated a “hold” rating and issued a $71.00 target price on shares of Pinnacle Financial Partners in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Pinnacle Financial Partners presently has an average rating of “Hold” and an average target price of $65.60.

In related news, CEO M Terry Turner sold 101,480 shares of Pinnacle Financial Partners stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $64.82, for a total value of $6,577,933.60. Following the completion of the sale, the chief executive officer now directly owns 538,441 shares in the company, valued at approximately $34,901,745.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 value of $186,240.00. Following the completion of the sale, the insider now owns 67,794 shares of the company’s stock, valued at $4,208,651.52. The disclosure for this sale can be found here. Insiders have sold 110,480 shares of company stock valued at $7,143,584 over the last 90 days. Corporate insiders own 5.41% of the company’s stock.

Pinnacle Financial Partners Company 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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