Independence Bank of Kentucky Makes New $333,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Independence Bank of Kentucky purchased a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,880 shares of the financial services provider’s stock, valued at approximately $333,000.

Several other institutional investors have also made changes to their positions in PNFP. International Assets Investment Management LLC increased its position in shares of Pinnacle Financial Partners by 6,999.3% in the fourth quarter. International Assets Investment Management LLC now owns 30,527 shares of the financial services provider’s stock worth $2,663,000 after purchasing an additional 30,097 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Pinnacle Financial Partners by 1.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 900,251 shares of the financial services provider’s stock valued at $78,520,000 after buying an additional 15,203 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Pinnacle Financial Partners by 4.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 876,314 shares of the financial services provider’s stock worth $76,432,000 after acquiring an additional 33,355 shares during the period. Public Employees Retirement Association of Colorado lifted its stake in Pinnacle Financial Partners by 389.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 146,009 shares of the financial services provider’s stock worth $12,735,000 after purchasing an additional 116,183 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 102.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,870,441 shares of the financial services provider’s stock valued at $125,394,000 after purchasing an additional 947,704 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

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

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of research analyst reports. Jefferies Financial Group lowered their price target on Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Truist Financial dropped their target price 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. Hovde Group decreased their price target on shares of Pinnacle Financial Partners from $104.00 to $99.00 and set an “outperform” rating on the stock in a report on Tuesday, April 23rd. Stephens dropped their price objective on shares of Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a research note on Thursday, May 23rd. Finally, Barclays started coverage on shares of Pinnacle Financial Partners in a research note on Friday, March 8th. They set an “equal weight” rating and a $93.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. According to 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 NASDAQ PNFP opened at $80.04 on Friday. The firm has a 50 day moving average price of $79.39 and a two-hundred day moving average price of $82.39. The stock has a market cap of $6.18 billion, a P/E ratio of 11.45 and a beta of 1.08. Pinnacle Financial Partners, Inc. has a 52-week low of $55.23 and a 52-week high of $92.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.90 and a current ratio of 0.90.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.01. The company had revenue of $428.14 million for the quarter, compared to analysts’ expectations of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 6.74 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 3rd were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Thursday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 12.59%.

Pinnacle Financial Partners Company Profile

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.