Great West Life Assurance Co. Can decreased its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,474 shares of the financial services provider’s stock after selling 341 shares during the quarter. Great West Life Assurance Co. Can owned 0.06% of Pinnacle Financial Partners worth $2,485,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc lifted its holdings in Pinnacle Financial Partners by 2.2% in the third quarter. Vanguard Group Inc now owns 6,520,182 shares of the financial services provider’s stock valued at $392,188,000 after buying an additional 142,700 shares during the period. Arizona State Retirement System lifted its holdings in Pinnacle Financial Partners by 1.1% in the fourth quarter. Arizona State Retirement System now owns 52,550 shares of the financial services provider’s stock valued at $2,423,000 after buying an additional 571 shares during the period. Xact Kapitalforvaltning AB lifted its holdings in Pinnacle Financial Partners by 37.0% in the fourth quarter. Xact Kapitalforvaltning AB now owns 15,195 shares of the financial services provider’s stock valued at $700,000 after buying an additional 4,100 shares during the period. Advisors Asset Management Inc. acquired a new position in Pinnacle Financial Partners in the fourth quarter valued at $126,000. Finally, Crossmark Global Holdings Inc. lifted its holdings in Pinnacle Financial Partners by 7.7% in the fourth quarter. Crossmark Global Holdings Inc. now owns 7,571 shares of the financial services provider’s stock valued at $349,000 after buying an additional 540 shares during the period. 80.54% of the stock is currently owned by institutional investors and hedge funds.
PNFP has been the topic of several recent analyst reports. BidaskClub upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Zacks Investment Research raised shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Wednesday, June 19th. Stephens reaffirmed a “buy” rating and issued a $65.00 price target on shares of Pinnacle Financial Partners in a research note on Tuesday, April 16th. Finally, Raymond James set a $66.00 price target on shares of Pinnacle Financial Partners and gave the company a “buy” rating in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $61.67.
Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 15th. The financial services provider reported $1.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.03. The firm had revenue of $238.30 million for the quarter, compared to analysts’ expectations of $246.03 million. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.53%. The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.13 earnings per share. Analysts expect that Pinnacle Financial Partners will post 5.1 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 3rd were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Thursday, May 2nd. Pinnacle Financial Partners’s payout ratio is 13.50%.
In related news, Chairman Richard D. Callicutt II sold 4,035 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $59.01, for a total transaction of $238,105.35. Following the sale, the chairman now directly owns 129,269 shares in the company, valued at approximately $7,628,163.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $56.74, for a total transaction of $90,784.00. Following the sale, the insider now owns 24,253 shares in the company, valued at $1,376,115.22. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,135 shares of company stock worth $469,294. Corporate insiders own 2.97% of the company’s stock.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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