Comerica Bank increased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 7.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 88,349 shares of the financial services provider’s stock after purchasing an additional 6,028 shares during the quarter. Comerica Bank owned about 0.11% of Pinnacle Financial Partners worth $5,831,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in 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 buying an additional 1,746,012 shares in the last quarter. BlackRock Inc. grew its position in Pinnacle Financial Partners by 2.8% during the second quarter. BlackRock Inc. now owns 5,788,167 shares of the financial services provider’s stock worth $363,496,000 after buying an additional 155,620 shares in the last quarter. State Street Corp grew its position in 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 buying an additional 819,858 shares in the last quarter. Goldman Sachs Group Inc. grew its position in 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 buying an additional 764,072 shares in the last quarter. Finally, Jennison Associates LLC grew its position in Pinnacle Financial Partners by 10.4% during the third quarter. Jennison Associates LLC now owns 1,886,559 shares of the financial services provider’s stock worth $126,305,000 after buying an additional 177,049 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Several research firms recently commented on PNFP. Hilliard Lyons upgraded Pinnacle Financial Partners from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 8th. Zacks Investment Research raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, October 20th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research note on Friday, October 20th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $74.00 price target on shares of Pinnacle Financial Partners in a research note on Thursday, October 19th. Finally, BidaskClub lowered Pinnacle Financial Partners from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Pinnacle Financial Partners has an average rating of “Hold” and a consensus target price of $73.25.

In other news, CFO Harold R. Carpenter sold 17,711 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $67.45, for a total value of $1,194,606.95. Following the completion of the sale, the chief financial officer now owns 107,090 shares of the company’s stock, valued at approximately $7,223,220.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph C. Galante bought 1,000 shares of the stock in a transaction dated Thursday, September 7th. The stock was bought at an average cost of $59.40 per share, with a total value of $59,400.00. Following the purchase, the director now owns 19,011 shares in the company, valued at approximately $1,129,253.40. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 63,711 shares of company stock valued at $4,285,377. Corporate insiders own 5.41% of the company’s stock.

Shares of Pinnacle Financial Partners, Inc. (PNFP) opened at $65.50 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.98 and a current ratio of 0.99. Pinnacle Financial Partners, Inc. has a 52 week low of $58.40 and a 52 week high of $71.85. The stock has a market capitalization of $5,094.73, a PE ratio of 19.28, a price-to-earnings-growth ratio of 1.54 and a beta of 1.32.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.01. Pinnacle Financial Partners had a return on equity of 7.36% and a net margin of 27.41%. The firm had revenue of $216.20 million during the quarter, compared to analyst estimates of $217.13 million. During the same quarter in the previous year, the company posted $0.78 earnings per share. The company’s revenue was up 102.8% compared to the same quarter last year. sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 3.56 EPS for the current year.

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

ILLEGAL ACTIVITY NOTICE: “Comerica Bank Buys 6,028 Shares of Pinnacle Financial Partners, Inc. (PNFP)” was originally published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this news story on another publication, it was stolen and reposted in violation of international trademark and copyright legislation. The correct version of this news story can be read at https://www.thecerbatgem.com/2017/11/22/comerica-bank-buys-6028-shares-of-pinnacle-financial-partners-inc-pnfp.html.

Pinnacle Financial Partners 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.

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NASDAQ:PNFP).

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.