Artemis Investment Management LLP Increases Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Artemis Investment Management LLP raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 11.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 538,997 shares of the financial services provider's stock after buying an additional 56,325 shares during the quarter. Artemis Investment Management LLP owned about 0.70% of Pinnacle Financial Partners worth $57,155,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of PNFP. Town & Country Bank & Trust CO dba First Bankers Trust CO purchased a new position in Pinnacle Financial Partners during the first quarter worth about $1,563,000. Vest Financial LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $1,006,000. Yorktown Management & Research Co Inc purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $265,000. State of Alaska Department of Revenue grew its holdings in shares of Pinnacle Financial Partners by 2.8% in the 1st quarter. State of Alaska Department of Revenue now owns 8,967 shares of the financial services provider's stock worth $950,000 after acquiring an additional 240 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Pinnacle Financial Partners by 1.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,804 shares of the financial services provider's stock valued at $2,100,000 after purchasing an additional 342 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Trading Up 0.8%

Shares of PNFP stock traded up $0.88 on Monday, reaching $110.44. 377,539 shares of the stock were exchanged, compared to its average volume of 509,003. The firm has a 50 day moving average of $105.57 and a two-hundred day moving average of $109.14. The stock has a market cap of $8.57 billion, a P/E ratio of 17.87 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 1-year low of $76.75 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. The business had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. During the same quarter in the previous year, the business earned $1.53 EPS. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners's payout ratio is currently 15.53%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company reduced their target price on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their price objective on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a research report on Wednesday, April 16th. Finally, Truist Financial began coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target for the company. Four investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $121.27.

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.