First Bank & Trust Buys Shares of 4,347 Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

First Bank & Trust bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,347 shares of the financial services provider’s stock, valued at approximately $373,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. HighTower Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 6.6% in the third quarter. HighTower Advisors LLC now owns 9,040 shares of the financial services provider’s stock worth $608,000 after acquiring an additional 560 shares in the last quarter. UBS Group AG grew its stake in shares of Pinnacle Financial Partners by 8.5% during the third quarter. UBS Group AG now owns 36,211 shares of the financial services provider’s stock worth $2,428,000 after purchasing an additional 2,846 shares in the last quarter. Natixis Advisors L.P. grew its stake in shares of Pinnacle Financial Partners by 6.0% during the third quarter. Natixis Advisors L.P. now owns 122,878 shares of the financial services provider’s stock worth $8,238,000 after purchasing an additional 6,962 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Pinnacle Financial Partners by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 33,040 shares of the financial services provider’s stock worth $2,215,000 after purchasing an additional 170 shares in the last quarter. Finally, Alps Advisors Inc. acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth $332,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $81.04, for a total value of $9,339,778.96. Following the sale, the chairman now directly owns 153,062 shares in the company, valued at $12,404,144.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total transaction of $5,829,840.00. Following the sale, the chief executive officer now owns 222,790 shares in the company, valued at $18,039,306.30. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Robert A. Mccabe, Jr. sold 115,249 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $81.04, for a total transaction of $9,339,778.96. Following the sale, the chairman now owns 153,062 shares in the company, valued at approximately $12,404,144.48. The disclosure for this sale can be found here. Company insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Barclays assumed coverage on shares of Pinnacle Financial Partners in a report on Friday, March 8th. They set an “equal weight” rating and a $93.00 price target for the company. Hovde Group cut their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating for the company in a report on Tuesday, April 23rd. Stephens cut their price target on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, May 23rd. Finally, Truist Financial cut their price target on shares of Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating for the company in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $94.25.

Pinnacle Financial Partners Trading Up 3.6 %

Shares of Pinnacle Financial Partners stock opened at $80.04 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $55.23 and a 12-month high of $92.33. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market cap of $6.18 billion, a PE ratio of 11.45 and a beta of 1.08. The company has a 50-day moving average of $79.39 and a two-hundred day moving average of $82.39.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. The company had revenue of $428.14 million during the quarter, compared to analysts’ expectations of $413.27 million. On average, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 6.74 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 3rd were given a $0.22 dividend. The ex-dividend date was Thursday, May 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.10%. Pinnacle Financial Partners’s dividend payout ratio is presently 12.59%.

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.