Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Position Raised by Municipal Employees Retirement System of Michigan

Municipal Employees Retirement System of Michigan boosted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 72.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 18,080 shares of the financial services provider’s stock after buying an additional 7,590 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Pinnacle Financial Partners were worth $1,135,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 30.8% in the fourth quarter. AQR Capital Management LLC now owns 7,783 shares of the financial services provider’s stock worth $539,000 after buying an additional 1,834 shares during the period. Teachers Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 0.4% in the fourth quarter. Teachers Advisors LLC now owns 287,710 shares of the financial services provider’s stock worth $19,938,000 after buying an additional 1,177 shares during the period. Creative Planning purchased a new position in shares of Pinnacle Financial Partners during the first quarter worth about $107,000. Bank of Montreal Can boosted its position in shares of Pinnacle Financial Partners by 6.7% in the first quarter. Bank of Montreal Can now owns 3,368 shares of the financial services provider’s stock worth $224,000 after buying an additional 211 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in shares of Pinnacle Financial Partners by 9.8% in the first quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the financial services provider’s stock worth $1,269,000 after buying an additional 1,700 shares during the period. 77.76% of the stock is currently owned by institutional investors and hedge funds.

Shares of Pinnacle Financial Partners, Inc. (NASDAQ PNFP) opened at 62.90 on Thursday. The company has a market cap of $3.34 billion, a PE ratio of 20.21 and a beta of 1.27. The firm’s 50 day moving average is $63.65 and its 200-day moving average is $64.96. Pinnacle Financial Partners, Inc. has a 1-year low of $49.40 and a 1-year high of $71.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Tuesday, July 18th. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.04. Pinnacle Financial Partners had a net margin of 27.36% and a return on equity of 7.67%. The company had revenue of $141.70 million for the quarter, compared to analyst estimates of $130.23 million. During the same quarter last year, the firm earned $0.75 EPS. The firm’s quarterly revenue was up 31.4% compared to the same quarter last year. Equities analysts expect that Pinnacle Financial Partners, Inc. will post $3.46 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 4th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Wednesday, August 2nd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 18.01%.

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PNFP has been the topic of a number of recent analyst reports. Stephens reissued a “hold” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, April 19th. Hilliard Lyons reaffirmed a “neutral” rating and set a $69.00 target price (down previously from $71.00) on shares of Pinnacle Financial Partners in a research note on Saturday, April 22nd. Finally, BidaskClub raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $65.20.

In related news, Director Joseph C. Galante bought 1,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was purchased at an average cost of $59.73 per share, with a total value of $59,730.00. Following the transaction, the director now owns 18,511 shares in the company, valued at approximately $1,105,662.03. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Ronald L. Samuel sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $66.02, for a total transaction of $198,060.00. Following the completion of the sale, the insider now directly owns 64,794 shares of the company’s stock, valued at $4,277,699.88. The disclosure for this sale can be found here. In the last three months, insiders acquired 1,425 shares of company stock worth $86,180 and sold 107,480 shares worth $6,962,234. 5.41% of the stock is owned by company insiders.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.

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

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