Comerica Bank Has $4.76 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Comerica Bank reduced its stake in Pinnacle Financial Partners by 31.6%, now holding approximately $4.76 million in shares, totaling 44,877 shares.
• The company recently announced a quarterly dividend of $0.24 per share, representing a 1.0% dividend yield, with a dividend payout ratio of 12.73%.
• Pinnacle Financial Partners' latest earnings report showed $2.00 earnings per share for the quarter, exceeding analyst expectations and highlighting a revenue increase of 15.1% year-over-year.

Comerica Bank lowered its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 31.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,877 shares of the financial services provider's stock after selling 20,719 shares during the quarter. Comerica Bank owned 0.06% of Pinnacle Financial Partners worth $4,759,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of PNFP. Azora Capital LP lifted its position in shares of Pinnacle Financial Partners by 39.2% in the fourth quarter. Azora Capital LP now owns 913,936 shares of the financial services provider's stock valued at $104,545,000 after acquiring an additional 257,347 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at $26,879,000. GAMMA Investing LLC lifted its position in shares of Pinnacle Financial Partners by 15,990.2% in the first quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock valued at $18,171,000 after acquiring an additional 170,296 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Pinnacle Financial Partners by 49.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 434,749 shares of the financial services provider's stock worth $49,731,000 after buying an additional 143,026 shares during the period. Finally, Northern Trust Corp lifted its position in Pinnacle Financial Partners by 22.4% during the fourth quarter. Northern Trust Corp now owns 685,795 shares of the financial services provider's stock worth $78,448,000 after buying an additional 125,431 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Citigroup reduced their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Barclays lowered their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Wells Fargo & Company lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday, July 25th. Finally, Hovde Group downgraded shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $113.50.

Pinnacle Financial Partners Stock Up 1.0%

Pinnacle Financial Partners stock traded up $0.96 during midday trading on Thursday, reaching $98.44. The stock had a trading volume of 107,472 shares, compared to its average volume of 768,369. The firm's fifty day simple moving average is $102.05 and its 200-day simple moving average is $103.71. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The stock has a market capitalization of $7.64 billion, a P/E ratio of 13.06 and a beta of 1.07. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The business had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.Pinnacle Financial Partners's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.63 EPS. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners's payout ratio is presently 12.73%.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the purchase, the chief financial officer directly owned 105,050 shares of the company's stock, valued at $9,426,136.50. This trade represents a 0.96% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 12,174 shares of company stock worth $1,047,079 in the last ninety days. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners 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.