Van Lanschot Kempen Investment Management N.V. decreased its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 10.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 613,837 shares of the financial services provider's stock after selling 69,000 shares during the period. Van Lanschot Kempen Investment Management N.V. owned 0.79% of Pinnacle Financial Partners worth $65,091,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after buying an additional 551 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in Pinnacle Financial Partners during the 1st quarter worth about $850,000. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter worth about $48,000. M&T Bank Corp raised its holdings in Pinnacle Financial Partners by 9.0% during the 1st quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock worth $868,000 after purchasing an additional 674 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Pinnacle Financial Partners by 3.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock worth $14,892,000 after purchasing an additional 4,356 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.
Insider Buying and Selling
In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III bought 1,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average cost of $84.94 per share, with a total value of $84,940.00. Following the purchase, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Harold R. Carpenter bought 1,000 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the purchase, the chief financial officer owned 105,050 shares in the company, valued at $9,426,136.50. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is owned by corporate insiders.
Pinnacle Financial Partners Stock Up 4.1%
NASDAQ PNFP traded up $3.80 during trading hours on Friday, reaching $96.19. 1,516,088 shares of the company's stock were exchanged, compared to its average volume of 2,123,961. The company's 50-day moving average is $103.35 and its two-hundred day moving average is $105.12. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The company has a market capitalization of $7.46 billion, a price-to-earnings ratio of 12.76 and a beta of 1.03.
Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. During the same period in the prior year, the business earned $1.63 EPS. Pinnacle Financial Partners's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, analysts forecast 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 will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio is presently 12.73%.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on PNFP shares. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. UBS Group reissued a "neutral" rating and set a $121.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Wells Fargo & Company lowered their price target on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research note on Friday, July 25th. Truist Financial reaffirmed a "buy" rating and issued a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. upped their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $114.80.
Read Our Latest Analysis on Pinnacle Financial Partners
About Pinnacle Financial Partners
(
Free Report)
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.
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