2,307 Shares in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Bought by Swmg LLC

Swmg LLC purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,307 shares of the financial services provider's stock, valued at approximately $231,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Sage Mountain Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 0.3% during the 4th quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider's stock worth $4,141,000 after acquiring an additional 99 shares during the period. Utah Retirement Systems raised its stake in Pinnacle Financial Partners by 2.5% in the 4th quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider's stock valued at $468,000 after acquiring an additional 100 shares during the period. Cahaba Wealth Management Inc. lifted its holdings in Pinnacle Financial Partners by 1.7% during the fourth quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider's stock valued at $758,000 after purchasing an additional 113 shares during the last quarter. Parallel Advisors LLC boosted its position in Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock worth $227,000 after purchasing an additional 116 shares during the period. Finally, Legacy Financial Advisors Inc. increased its stake in shares of Pinnacle Financial Partners by 5.3% in the fourth quarter. Legacy Financial Advisors Inc. now owns 2,414 shares of the financial services provider's stock worth $276,000 after purchasing an additional 122 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock traded up $0.83 on Thursday, hitting $117.83. 381,903 shares of the company traded hands, compared to its average volume of 511,535. Pinnacle Financial Partners, Inc. has a 12-month low of $76.75 and a 12-month high of $131.91. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The company has a market cap of $9.14 billion, a P/E ratio of 19.07 and a beta of 1.01. The firm's 50-day simple moving average is $106.99 and its 200 day simple moving average is $109.17.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.82 by $0.08. The business had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. During the same quarter last year, the business posted $1.53 earnings per share. Analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners's payout ratio is presently 15.53%.

Wall Street Analyst Weigh In

A number of analysts recently commented on PNFP shares. Citigroup upped their price target on shares of Pinnacle Financial Partners from $126.00 to $134.00 and gave the company a "buy" rating in a research note on Wednesday. Wells Fargo & Company dropped 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 report on Wednesday, April 9th. Jefferies Financial Group started coverage on Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a "buy" rating and a $135.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Four research 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, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $122.36.

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.