Yorktown Management & Research Co Inc Acquires New Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Yorktown Management & Research Co Inc bought a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,500 shares of the financial services provider's stock, valued at approximately $265,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sheets Smith Wealth Management grew its stake in shares of Pinnacle Financial Partners by 3.6% in the first quarter. Sheets Smith Wealth Management now owns 5,875 shares of the financial services provider's stock worth $623,000 after acquiring an additional 206 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in Pinnacle Financial Partners by 14.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 147,502 shares of the financial services provider's stock valued at $15,641,000 after acquiring an additional 18,078 shares during the period. Woodmont Investment Counsel LLC increased its stake in Pinnacle Financial Partners by 0.8% during the first quarter. Woodmont Investment Counsel LLC now owns 61,432 shares of the financial services provider's stock valued at $6,514,000 after acquiring an additional 510 shares during the period. Riverwater Partners LLC acquired a new position in Pinnacle Financial Partners in the 1st quarter valued at approximately $1,151,000. Finally, State of Alaska Department of Revenue grew its holdings in shares of Pinnacle Financial Partners by 2.8% during 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 purchasing an additional 240 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded down $1.64 during midday trading on Wednesday, reaching $106.87. The company's stock had a trading volume of 486,828 shares, compared to its average volume of 505,575. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $8.29 billion, a P/E ratio of 17.29 and a beta of 1.02. The business's 50 day moving average price is $105.00 and its two-hundred day moving average price is $109.45. Pinnacle Financial Partners, Inc. has a fifty-two week low of $75.63 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.08. The firm 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 9.29% and a net margin of 15.98%. During the same period in the previous year, the firm earned $1.53 EPS. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Friday, May 2nd. This represents a $0.96 annualized dividend and a yield of 0.90%. Pinnacle Financial Partners's dividend payout ratio is 15.53%.

Analysts Set New Price Targets

PNFP has been the subject of a number of recent research reports. Jefferies Financial Group began coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They issued a "buy" rating and a $135.00 target price for the company. Hovde Group upgraded 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 note on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Barclays dropped their target price on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price target 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. Four research 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. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus target price 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.