Jennison Associates LLC Has $75.82 Million Holdings in Pinnacle Financial Partners, Inc. $PNFP

Jennison Associates LLC boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 6.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 686,744 shares of the financial services provider’s stock after buying an additional 43,162 shares during the quarter. Jennison Associates LLC’s holdings in Pinnacle Financial Partners were worth $75,823,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in shares of Pinnacle Financial Partners by 2.3% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 10,492 shares of the financial services provider’s stock valued at $1,158,000 after purchasing an additional 238 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Pinnacle Financial Partners by 6.0% in the second quarter. Teacher Retirement System of Texas now owns 18,748 shares of the financial services provider’s stock valued at $2,070,000 after purchasing an additional 1,057 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Pinnacle Financial Partners by 4.6% in the second quarter. Bessemer Group Inc. now owns 203,534 shares of the financial services provider’s stock valued at $22,473,000 after purchasing an additional 8,879 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $417,000. Finally, First Citizens Bank & Trust Co. grew its position in shares of Pinnacle Financial Partners by 60.0% in the second quarter. First Citizens Bank & Trust Co. now owns 11,123 shares of the financial services provider’s stock valued at $1,228,000 after purchasing an additional 4,171 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 2.0%

Shares of PNFP stock opened at $84.38 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. The stock has a market cap of $6.54 billion, a P/E ratio of 10.72 and a beta of 1.02. The stock has a 50 day simple moving average of $93.36 and a 200 day simple moving average of $100.26. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same period in the previous year, the company posted $1.86 earnings per share. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, November 7th. This represents a $0.96 annualized dividend and a yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson bought 5,000 shares of the business’s stock in a transaction on Monday, October 20th. The stock was purchased at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the purchase, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the business’s stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares of the company’s stock, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 16,000 shares of company stock valued at $1,379,590 over the last 90 days. Corporate insiders own 1.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PNFP. Cowen began coverage on Pinnacle Financial Partners in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Barclays set a $120.00 target price on Pinnacle Financial Partners in a research report on Wednesday, October 8th. Wells Fargo & Company decreased their target price on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Friday, October 17th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, Keefe, Bruyette & Woods cut their price target on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and a consensus price target of $110.27.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.