Yorktown Management & Research Co Inc Invests $265,000 in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

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

A number of other institutional investors also recently made changes to their positions in PNFP. Principal Securities Inc. raised its position in shares of Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock valued at $92,000 after purchasing an additional 91 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Pinnacle Financial Partners by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 2,424 shares of the financial services provider's stock valued at $277,000 after acquiring an additional 129 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Pinnacle Financial Partners by 34.9% in the 4th quarter. Handelsbanken Fonder AB now owns 20,095 shares of the financial services provider's stock valued at $2,299,000 after acquiring an additional 5,200 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Pinnacle Financial Partners by 3.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider's stock valued at $389,000 after acquiring an additional 102 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of Pinnacle Financial Partners by 0.5% in the 4th quarter. Amalgamated Bank now owns 36,593 shares of the financial services provider's stock valued at $4,186,000 after acquiring an additional 178 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Truist Financial assumed 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. Hovde Group upgraded Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price target for the company in a report on Wednesday, April 16th. JPMorgan Chase & Co. lowered their price target on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company lowered 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. Finally, Keefe, Bruyette & Woods lowered their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. 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's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners Stock Performance

Shares of PNFP traded up $0.32 during mid-day trading on Friday, reaching $109.56. 770,590 shares of the company's stock traded hands, compared to its average volume of 509,617. The business's 50-day moving average price is $105.28 and its 200-day moving average price is $109.36. The stock has a market capitalization of $8.50 billion, a P/E ratio of 17.73 and a beta of 1.02. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.89. Pinnacle Financial Partners, Inc. has a 12 month low of $76.75 and a 12 month high of $131.91.

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 (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $475.37 million during the quarter, compared to analysts' expectations of $478.11 million. During the same quarter in the prior year, the business posted $1.53 earnings per share. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.88%. Pinnacle Financial Partners's payout ratio is 15.53%.

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.