Ranger Investment Management Lowers stake in Pinnacle Financial Partners (PNFP)

Pinnacle Financial Partners (PNFP) : Ranger Investment Management reduced its stake in Pinnacle Financial Partners by 6.02% during the most recent quarter end. The investment management company now holds a total of 772,465 shares of Pinnacle Financial Partners which is valued at $41,156,935 after selling 49,510 shares in Pinnacle Financial Partners , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Pinnacle Financial Partners makes up approximately 2.41% of Ranger Investment Management’s portfolio.

Other Hedge Funds, Including , Trexquant Investment Lp sold out all of its stake in PNFP during the most recent quarter. The investment firm sold 4,800 shares of PNFP which is valued $255,744. Quantbot Technologies Lp added PNFP to its portfolio by purchasing 119 company shares during the most recent quarter which is valued at $6,201.

Pinnacle Financial Partners opened for trading at $56.31 and hit $56.86 on the upside on Monday, eventually ending the session at $56.46, with a gain of 0.18% or 0.1 points. The heightened volatility saw the trading volume jump to 1,29,769 shares. Company has a market cap of $2,605 M.

On the company’s financial health, Pinnacle Financial Partners reported $0.75 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 19, 2016. Analyst had a consensus of $0.74. The company had revenue of $107.80 million for the quarter, compared to analysts expectations of $103.55 million. The company’s revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS.

Many Wall Street Analysts have commented on Pinnacle Financial Partners. Company shares were Upgraded by Piper Jaffray on Jul 12, 2016 to ” Overweight”, Firm has raised the Price Target to $ 60 from a previous price target of $51 .

Pinnacle Financial Partners Inc. (Pinnacle) is a bank holding company. Pinnacle operates through its wholly owned subsidiary Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville Tennessee. As an urban community bank Pinnacle provides the personalized service associated with small community banks while seeking to offer the products and services such as investments and treasury management offered by large regional and national banks. Pinnacle Bank offers an array of convenience-centered products and services including 24-hour telephone and internet banking mobile banking debit and credit cards direct deposit remote deposit and cash management services for small- to medium-sized businesses. In addition Pinnacle Bank is associated with a network of automated teller machines of other financial institutions that its clients are able to use throughout Tennessee and other regions across the nation.

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