First Bank & Trust Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

First Bank & Trust bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,347 shares of the financial services provider’s stock, valued at approximately $373,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Pinnacle Financial Partners by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,161,175 shares of the financial services provider’s stock worth $624,598,000 after purchasing an additional 63,477 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Pinnacle Financial Partners by 14.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,647,881 shares of the financial services provider’s stock worth $230,951,000 after purchasing an additional 334,502 shares during the last quarter. Wasatch Advisors LP grew its position in Pinnacle Financial Partners by 5.8% in the 4th quarter. Wasatch Advisors LP now owns 2,355,723 shares of the financial services provider’s stock worth $205,466,000 after purchasing an additional 128,195 shares during the last quarter. Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock worth $125,394,000 after purchasing an additional 947,704 shares during the last quarter. Finally, Norges Bank bought a new position in Pinnacle Financial Partners in the 4th quarter worth about $83,461,000. Institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. JPMorgan Chase & Co. reduced their price target 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. Stephens reduced their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Hovde Group reduced their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a research note on Tuesday, April 23rd. Finally, Barclays initiated coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.25.

Pinnacle Financial Partners Stock Up 3.6 %

PNFP stock opened at $80.04 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $55.23 and a 12 month high of $92.33. The firm has a market cap of $6.18 billion, a PE ratio of 11.45 and a beta of 1.08. The firm has a 50 day simple moving average of $79.39 and a 200 day simple moving average of $82.39. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its earnings results on Monday, April 22nd. The financial services provider reported $1.53 EPS for the quarter, beating the consensus estimate of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. The business had revenue of $428.14 million during the quarter, compared to analyst estimates of $413.27 million. Equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.74 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were given a $0.22 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 12.59%.

Insider Activity at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO M Terry Turner sold 72,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the completion of the sale, the chief executive officer now owns 222,790 shares in the company, valued at approximately $18,039,306.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the completion of the sale, the chairman now owns 153,062 shares of the company’s stock, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. 1.87% of the stock is owned by insiders.

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.