Comerica Bank Has $7.50 Million Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Comerica Bank reduced its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 65,596 shares of the financial services provider’s stock after selling 1,834 shares during the quarter. Comerica Bank’s holdings in Pinnacle Financial Partners were worth $7,504,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNFP. Norges Bank bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $101,798,000. North Reef Capital Management LP increased its position in shares of Pinnacle Financial Partners by 57.1% during the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock worth $221,917,000 after purchasing an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $78,110,000. Capital Research Global Investors raised its stake in shares of Pinnacle Financial Partners by 57.0% during the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after purchasing an additional 566,061 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $44,737,000. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the completion of the sale, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. The trade was a 32.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Glenda Baskin Glover sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 85,041 shares of company stock valued at $10,122,386 in the last quarter. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $105.69 on Friday. The firm has a market cap of $8.18 billion, a P/E ratio of 17.67 and a beta of 1.00. The business’s 50 day moving average is $101.07 and its 200-day moving average is $112.06. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm had revenue of $475.37 million for the quarter, compared to analysts’ expectations of $478.11 million. During the same quarter last year, the business earned $1.53 EPS. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.91%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 15.53%.

Analyst Ratings Changes

Several analysts have issued reports on PNFP shares. Stephens reaffirmed an “overweight” rating and set a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Keefe, Bruyette & Woods dropped their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. Hovde Group upgraded Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company reduced their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.50.

Pinnacle Financial Partners Company Profile

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.