Renaissance Technologies LLC Purchases 18,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Renaissance Technologies LLC lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 44.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 58,796 shares of the financial services provider's stock after acquiring an additional 18,000 shares during the period. Renaissance Technologies LLC owned approximately 0.08% of Pinnacle Financial Partners worth $6,726,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. grew its stake in shares of Pinnacle Financial Partners by 48.1% in the 4th quarter. UMB Bank n.a. now owns 736 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 239 shares during the period. Principal Securities Inc. raised its stake in Pinnacle Financial Partners by 12.7% during the fourth quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after acquiring an additional 91 shares in the last quarter. Trust Co. of Vermont bought a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at $97,000. Values First Advisors Inc. boosted its stake in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider's stock valued at $167,000 after purchasing an additional 955 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Pinnacle Financial Partners by 20.6% in the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock worth $181,000 after purchasing an additional 271 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO M Terry Turner sold 2,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.63, for a total value of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the sale, the director now directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,350 shares of company stock worth $11,421,320. Corporate insiders own 1.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PNFP. Stephens restated an "overweight" rating and issued a $142.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. Barclays decreased their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Citigroup increased their target price on Pinnacle Financial Partners from $123.00 to $132.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. Finally, JPMorgan Chase & Co. cut 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. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.50.

Pinnacle Financial Partners Stock Up 1.8 %

PNFP stock traded up $1.77 during mid-day trading on Thursday, hitting $99.65. 99,591 shares of the company were exchanged, compared to its average volume of 502,318. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The firm's 50 day simple moving average is $103.28 and its 200 day simple moving average is $111.80. The firm has a market cap of $7.71 billion, a P/E ratio of 16.62 and a beta of 0.94.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings data 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. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The business had revenue of $475.37 million for the quarter, compared to analysts' expectations of $478.11 million. During the same period in the previous year, the firm posted $1.53 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 2nd will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Friday, May 2nd. Pinnacle Financial Partners's dividend payout ratio is presently 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.