11,746 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Purchased by Wolverine Asset Management LLC

Wolverine Asset Management LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,746 shares of the financial services provider’s stock, valued at approximately $940,000.

A number of other institutional investors also recently bought and sold shares of PNFP. Wasatch Advisors LP increased its position in shares of Pinnacle Financial Partners by 41.8% in the first quarter. Wasatch Advisors LP now owns 3,341,417 shares of the financial services provider’s stock valued at $286,961,000 after buying an additional 985,694 shares in the last quarter. Norges Bank purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $83,461,000. Principal Financial Group Inc. raised its position in Pinnacle Financial Partners by 185.5% during the fourth quarter. Principal Financial Group Inc. now owns 808,135 shares of the financial services provider’s stock worth $70,486,000 after acquiring an additional 525,101 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Pinnacle Financial Partners by 14.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after acquiring an additional 334,502 shares during the last quarter. Finally, Swedbank AB purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $21,470,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on PNFP shares. Wells Fargo & Company lifted their price objective on Pinnacle Financial Partners from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Citigroup upped their price objective on Pinnacle Financial Partners from $93.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Barclays lifted their price objective on Pinnacle Financial Partners from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $108.00 to $105.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. Finally, Stephens decreased their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, May 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of “Hold” and a consensus price target of $99.00.

Pinnacle Financial Partners Trading Down 0.6 %

NASDAQ PNFP opened at $97.57 on Thursday. The company has a market cap of $7.54 billion, a P/E ratio of 13.96 and a beta of 1.05. Pinnacle Financial Partners, Inc. has a 12 month low of $59.66 and a 12 month high of $99.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. The company has a 50-day moving average of $89.55 and a 200-day moving average of $83.92.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $366.55 million during the quarter, compared to the consensus estimate of $426.40 million. Pinnacle Financial Partners had a net margin of 13.93% and a return on equity of 8.97%. As a group, equities analysts predict that Pinnacle Financial Partners, Inc. will post 6.83 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.22 per share. The ex-dividend date was Friday, August 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 0.90%. Pinnacle Financial Partners’s payout ratio is 12.59%.

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.