Phocas Financial Corp. Raises Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Phocas Financial Corp. increased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 67.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,008 shares of the financial services provider's stock after purchasing an additional 33,025 shares during the period. Phocas Financial Corp. owned 0.11% of Pinnacle Financial Partners worth $7,153,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. American Century Companies Inc. increased its position in Pinnacle Financial Partners by 12.1% in the first quarter. American Century Companies Inc. now owns 6,848 shares of the financial services provider's stock worth $631,000 after purchasing an additional 738 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth $101,000. PNC Financial Services Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 76.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,527 shares of the financial services provider's stock worth $600,000 after buying an additional 2,838 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Pinnacle Financial Partners by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,903 shares of the financial services provider's stock valued at $2,569,000 after buying an additional 2,660 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Pinnacle Financial Partners by 1.5% in the 1st quarter. BlackRock Inc. now owns 6,935,015 shares of the financial services provider's stock valued at $638,577,000 after acquiring an additional 104,706 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PNFP shares. Barclays started coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They set an "equal weight" rating and a $93.00 price objective on the stock. Truist Financial raised their price target on Pinnacle Financial Partners from $93.00 to $99.00 and gave the stock a "buy" rating in a research report on Monday, April 1st. Stephens reiterated an "overweight" rating and set a $108.00 price objective on shares of Pinnacle Financial Partners in a research report on Wednesday, January 17th. UBS Group lowered their target price on shares of Pinnacle Financial Partners from $91.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, January 18th. Finally, Jefferies Financial Group cut their price target on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a "hold" rating on the stock in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $92.57.

Pinnacle Financial Partners Trading Down 0.6 %

Shares of NASDAQ:PNFP traded down $0.51 during trading on Friday, reaching $79.95. 390,906 shares of the company were exchanged, compared to its average volume of 351,962. The business's fifty day simple moving average is $82.56 and its 200-day simple moving average is $78.37. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 12-month low of $43.31 and a 12-month high of $92.33. The firm has a market capitalization of $6.16 billion, a PE ratio of 11.14 and a beta of 1.08.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, January 17th. The financial services provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.67 by $0.01. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 20.17%. The company had revenue of $396.34 million for the quarter, compared to the consensus estimate of $416.97 million. During the same period last year, the business posted $1.76 EPS. Pinnacle Financial Partners's quarterly revenue was down 1.4% on a year-over-year basis. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.83 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Stockholders of record on Friday, February 2nd were issued a $0.22 dividend. The ex-dividend date was Thursday, February 1st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.10%. Pinnacle Financial Partners's dividend payout ratio is presently 12.26%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter sold 6,306 shares of the firm's stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $82.22, for a total value of $518,479.32. Following the sale, the chief financial officer now directly owns 63,856 shares in the company, valued at approximately $5,250,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Robert A. Mccabe, Jr. sold 6,331 shares of the company's stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $87.43, for a total transaction of $553,519.33. Following the transaction, the chairman now directly owns 202,699 shares of the company's stock, valued at approximately $17,721,973.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Harold R. Carpenter sold 6,306 shares of the firm's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total value of $518,479.32. Following the completion of the sale, the chief financial officer now directly owns 63,856 shares of the company's stock, valued at approximately $5,250,240.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,175 shares of company stock worth $4,487,253. 1.87% of the stock is owned by corporate insiders.

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.