Legato Capital Management LLC lessened its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 21.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,567 shares of the financial services provider’s stock after selling 8,516 shares during the period. Legato Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $2,113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of PNFP. Vanguard Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 42.6% during the second quarter. Vanguard Group Inc. now owns 5,840,702 shares of the financial services provider’s stock worth $366,796,000 after purchasing an additional 1,746,012 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Pinnacle Financial Partners by 186.2% during the second quarter. Franklin Resources Inc. now owns 1,720,468 shares of the financial services provider’s stock worth $108,045,000 after purchasing an additional 1,119,331 shares during the last quarter. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Pinnacle Financial Partners during the second quarter worth $63,064,000. State Street Corp raised its holdings in shares of Pinnacle Financial Partners by 42.8% during the second quarter. State Street Corp now owns 2,733,336 shares of the financial services provider’s stock worth $171,658,000 after purchasing an additional 819,858 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised 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 worth $133,651,000 after purchasing an additional 764,072 shares during the last quarter. 69.92% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.01. The company had revenue of $216.20 million during the quarter, compared to the consensus estimate of $217.13 million. Pinnacle Financial Partners had a net margin of 27.41% and a return on equity of 7.36%. Pinnacle Financial Partners’s quarterly revenue was up 102.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Friday, November 3rd will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.56 dividend on an annualized basis and a yield of 0.85%. Pinnacle Financial Partners’s payout ratio is currently 17.34%.

In other news, Chairman Richard D. Callicutt II sold 30,000 shares of the stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $67.44, for a total value of $2,023,200.00. Following the completion of the transaction, the chairman now owns 168,241 shares in the company, valued at approximately $11,346,173.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Harold R. Carpenter sold 17,711 shares of the stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $67.45, for a total transaction of $1,194,606.95. Following the completion of the transaction, the chief financial officer now owns 107,090 shares of the company’s stock, valued at approximately $7,223,220.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,711 shares of company stock valued at $4,466,727. 5.41% of the stock is owned by insiders.

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Several analysts recently commented on the stock. BidaskClub lowered shares of Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Piper Jaffray Companies restated a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research report on Thursday, October 19th. Zacks Investment Research upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, October 20th. Hilliard Lyons upgraded shares of Pinnacle Financial Partners from a “neutral” rating to a “buy” rating and set a $71.00 price target on the stock in a research report on Wednesday, August 23rd. Finally, SunTrust Banks, Inc. restated a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research report on Friday, October 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $73.25.

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.

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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