Invesco Ltd. Sells 11,726 Shares of Pinnacle Financial Partners (NASDAQ:PNFP)

Invesco Ltd. reduced its stake in Pinnacle Financial Partners (NASDAQ:PNFP) by 11.7% during the 2nd quarter, Holdings Channel reports. The fund owned 88,669 shares of the financial services provider’s stock after selling 11,726 shares during the period. Invesco Ltd.’s holdings in Pinnacle Financial Partners were worth $5,097,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $33,000. CENTRAL TRUST Co grew its position in shares of Pinnacle Financial Partners by 376.7% during the 2nd quarter. CENTRAL TRUST Co now owns 715 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 565 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $68,000. Valeo Financial Advisors LLC grew its position in shares of Pinnacle Financial Partners by 66.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,197 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 479 shares in the last quarter. Finally, Gradient Investments LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $79,000. 79.68% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ PNFP opened at $56.22 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of 10.67, a P/E/G ratio of 0.65 and a beta of 1.44. The firm’s 50 day simple moving average is $54.68 and its 200 day simple moving average is $56.00. Pinnacle Financial Partners has a 1 year low of $43.23 and a 1 year high of $61.60.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.14. The business had revenue of $259.60 million for the quarter, compared to analyst estimates of $252.44 million. Pinnacle Financial Partners had a net margin of 30.46% and a return on equity of 9.82%. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter last year, the business posted $1.15 EPS. On average, equities research analysts forecast that Pinnacle Financial Partners will post 5.27 earnings per share for the current year.

A number of research analysts have issued reports on PNFP shares. Stephens restated a “hold” rating and set a $63.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, September 16th. Zacks Investment Research lowered shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Tuesday. BidaskClub upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. started coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, September 18th. They set a “neutral” rating and a $62.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Pinnacle Financial Partners currently has an average rating of “Hold” and an average price target of $61.43.

In related news, Director Thomas R. Sloan sold 6,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $56.42, for a total transaction of $338,520.00. Following the sale, the director now owns 104,425 shares in the company, valued at approximately $5,891,658.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Ingram purchased 20,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $54.28 per share, for a total transaction of $1,085,600.00. Following the transaction, the director now directly owns 54,067 shares in the company, valued at approximately $2,934,756.76. The disclosure for this purchase can be found here. Insiders have sold a total of 64,475 shares of company stock worth $3,674,281 in the last quarter. 2.97% of the stock is currently owned by company insiders.

Pinnacle Financial Partners 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.

Further Reading: Green Investing

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

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