Pinnacle Financial Partners (PNFP) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC lowered its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 15.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,724 shares of the financial services provider’s stock after selling 4,032 shares during the period. Rafferty Asset Management LLC’s holdings in Pinnacle Financial Partners were worth $1,367,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Pinnacle Financial Partners by 0.4% during the third quarter. BlackRock Inc. now owns 6,512,145 shares of the financial services provider’s stock worth $391,704,000 after purchasing an additional 26,237 shares in the last quarter. Jennison Associates LLC increased its position in shares of Pinnacle Financial Partners by 7.1% during the second quarter. Jennison Associates LLC now owns 3,501,820 shares of the financial services provider’s stock worth $214,837,000 after purchasing an additional 233,210 shares in the last quarter. Ceredex Value Advisors LLC increased its position in shares of Pinnacle Financial Partners by 4.4% during the third quarter. Ceredex Value Advisors LLC now owns 1,581,200 shares of the financial services provider’s stock worth $95,109,000 after purchasing an additional 66,400 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Pinnacle Financial Partners by 13.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,489,261 shares of the financial services provider’s stock worth $91,369,000 after purchasing an additional 177,866 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Pinnacle Financial Partners by 14.6% during the third quarter. Victory Capital Management Inc. now owns 1,431,397 shares of the financial services provider’s stock worth $86,099,000 after purchasing an additional 182,506 shares in the last quarter. Institutional investors and hedge funds own 79.19% of the company’s stock.

In related news, Vice Chairman Ronald L. Samuel sold 1,600 shares of the business’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $63.49, for a total value of $101,584.00. Following the transaction, the insider now owns 27,975 shares in the company, valued at approximately $1,776,132.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.39% of the company’s stock.

PNFP has been the topic of a number of research analyst reports. BidaskClub upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Wednesday. SunTrust Banks dropped their price target on Pinnacle Financial Partners to $65.00 and set a “buy” rating on the stock in a research report on Thursday, October 18th. Wells Fargo & Co set a $72.00 price target on Pinnacle Financial Partners and gave the company a “buy” rating in a research report on Tuesday, October 2nd. ValuEngine upgraded Pinnacle Financial Partners from a “strong sell” rating to a “sell” rating in a research report on Monday, November 26th. Finally, Raymond James dropped their price target on Pinnacle Financial Partners from $72.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, October 18th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. Pinnacle Financial Partners presently has an average rating of “Buy” and a consensus price target of $70.00.

Shares of PNFP stock opened at $57.35 on Friday. The stock has a market capitalization of $4.37 billion, a P/E ratio of 16.06, a P/E/G ratio of 0.85 and a beta of 1.12. Pinnacle Financial Partners has a 52-week low of $49.92 and a 52-week high of $69.95. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.97 and a current ratio of 0.97.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.02. The firm had revenue of $240.90 million for the quarter, compared to analysts’ expectations of $236.67 million. Pinnacle Financial Partners had a return on equity of 9.09% and a net margin of 26.97%. During the same quarter in the previous year, the firm posted $0.90 EPS. As a group, equities research analysts forecast that Pinnacle Financial Partners will post 4.72 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Friday, November 2nd were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.12%. The ex-dividend date was Thursday, November 1st. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.14. Pinnacle Financial Partners’s payout ratio is 17.93%.

ILLEGAL ACTIVITY NOTICE: This piece of content was reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of United States and international copyright law. The correct version of this piece of content can be read at https://www.chaffeybreeze.com/2018/12/01/pinnacle-financial-partners-pnfp-shares-sold-by-rafferty-asset-management-llc.html.

Pinnacle Financial Partners Company Profile

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.

Recommended Story: Are analyst ratings accurate?

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

Receive News & Ratings for Pinnacle Financial Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Financial Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply