Harbor Advisors LLC maintained its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,000 shares of the financial services provider’s stock at the end of the second quarter. Harbor Advisors LLC’s holdings in Pinnacle Financial Partners were worth $754,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Pinnacle Financial Partners by 56,554.1% in the first quarter. BlackRock Inc. now owns 5,632,547 shares of the financial services provider’s stock worth $374,283,000 after acquiring an additional 5,622,605 shares in the last quarter. Vanguard Group Inc. grew its stake in Pinnacle Financial Partners by 42.6% in the second quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock valued at $366,796,000 after acquiring an additional 1,746,012 shares during the period. Franklin Resources Inc. grew its stake in Pinnacle Financial Partners by 186.2% in the second quarter. Franklin Resources Inc. now owns 1,720,468 shares of the financial services provider’s stock valued at $108,045,000 after acquiring an additional 1,119,331 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $63,064,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 56.0% during the second quarter. Goldman Sachs Group Inc. now owns 2,128,192 shares of the financial services provider’s stock valued at $133,651,000 after acquiring an additional 764,072 shares in the last quarter. 69.28% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners, Inc. (PNFP) traded down 0.37% during midday trading on Tuesday, hitting $66.80. 62,905 shares of the company were exchanged. The firm has a market capitalization of $5.14 billion, a PE ratio of 21.46 and a beta of 1.31. The stock has a 50 day moving average of $62.49 and a 200 day moving average of $63.35. Pinnacle Financial Partners, Inc. has a 1-year low of $49.40 and a 1-year high of $71.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.04. The business had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $130.23 million. Pinnacle Financial Partners had a net margin of 27.36% and a return on equity of 7.67%. The business’s revenue was up 31.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.75 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post $3.47 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This piece was published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another website, it was illegally copied and reposted in violation of United States and international copyright & trademark laws. The original version of this piece can be accessed at https://www.thecerbatgem.com/2017/10/03/harbor-advisors-llc-has-754000-position-in-pinnacle-financial-partners-inc-pnfp.html.

A number of brokerages have recently weighed in on PNFP. BidaskClub raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, June 9th. Hilliard Lyons upgraded Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Wednesday, August 23rd. Finally, Stephens reissued a “hold” rating and issued a $71.00 price target on shares of Pinnacle Financial Partners in a research report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $67.00.

In related news, CEO M Terry Turner sold 101,480 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 538,441 shares in the company, valued at approximately $34,901,745.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph C. Galante purchased 1,000 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was bought at an average price of $59.40 per share, for a total transaction of $59,400.00. Following the purchase, the director now directly owns 19,011 shares in the company, valued at $1,129,253.40. The disclosure for this purchase can be found here. Insiders have sold 110,480 shares of company stock valued at $7,150,574 in the last ninety days. 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)

Receive News & Stock Ratings for Pinnacle Financial Partners Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners Inc. and related stocks with our FREE daily email newsletter.