Vest Financial LLC Buys New Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Vest Financial LLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,484 shares of the financial services provider's stock, valued at approximately $1,006,000.

A number of other institutional investors also recently bought and sold shares of PNFP. Kapitalo Investimentos Ltda acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $78,000. Principal Securities Inc. increased its holdings in Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after acquiring an additional 91 shares in the last quarter. Values First Advisors Inc. increased its holdings in Pinnacle Financial Partners by 189.9% during the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after acquiring an additional 955 shares in the last quarter. Blair William & Co. IL acquired a new position in Pinnacle Financial Partners during the fourth quarter worth about $200,000. Finally, Objectivity Squared LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $201,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the transaction, the director now directly owns 9,943 shares in the company, valued at $1,009,711.65. This trade represents a 23.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Trading Down 0.8%

Shares of NASDAQ:PNFP traded down $0.85 during midday trading on Thursday, reaching $105.52. The company's stock had a trading volume of 402,743 shares, compared to its average volume of 502,649. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of 17.65 and a beta of 1.02. The business has a 50 day moving average price of $102.35 and a 200 day moving average price of $110.94. Pinnacle Financial Partners, Inc. has a 1 year low of $74.33 and a 1 year high of $131.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.82 by $0.08. The company had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. During the same quarter in the previous year, the business earned $1.53 EPS. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.91%. The ex-dividend date was Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio (DPR) is 15.53%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Truist Financial initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 13th. They set a "buy" rating and a $123.00 price objective for the company. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company cut their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Keefe, Bruyette & Woods reduced 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 report on Thursday, April 17th. Finally, Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a "buy" rating and a $135.00 price objective for the company. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $121.27.

About Pinnacle Financial Partners

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.