Oak Ridge Investments LLC lifted its stake in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 9.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 198,190 shares of the financial services provider’s stock after acquiring an additional 16,992 shares during the period. Oak Ridge Investments LLC’s holdings in Pinnacle Financial Partners were worth $10,841,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of PNFP. Private Capital Group LLC boosted its stake in Pinnacle Financial Partners by 76.6% in the 1st quarter. Private Capital Group LLC now owns 544 shares of the financial services provider’s stock worth $30,000 after buying an additional 236 shares during the last quarter. Enlightenment Research LLC purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth about $35,000. Valeo Financial Advisors LLC purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter worth about $39,000. Finally, Pearl River Capital LLC purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter worth about $37,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.
PNFP has been the topic of a number of research reports. TheStreet upgraded Pinnacle Financial Partners from a “c+” rating to a “b-” rating in a report on Wednesday, February 13th. BidaskClub upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a report on Saturday, February 23rd. Zacks Investment Research upgraded Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Wednesday, March 20th. Raymond James set a $66.00 price objective on Pinnacle Financial Partners and gave the stock a “buy” rating in a report on Thursday, April 4th. Finally, Stephens restated a “buy” rating and issued a $65.00 price objective on shares of Pinnacle Financial Partners in a report on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $64.14.
Shares of NASDAQ:PNFP opened at $54.62 on Friday. The stock has a market cap of $4.18 billion, a P/E ratio of 11.52, a P/E/G ratio of 0.79 and a beta of 1.39. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.64. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $68.35.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.21 by $0.03. The business had revenue of $238.30 million for the quarter, compared to the consensus estimate of $246.03 million. Pinnacle Financial Partners had a return on equity of 9.53% and a net margin of 30.80%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the business posted $1.13 EPS. On average, equities analysts forecast that Pinnacle Financial Partners will post 5.1 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.64 annualized dividend and a dividend yield of 1.17%. Pinnacle Financial Partners’s payout ratio is currently 13.50%.
In related news, Chairman Robert A. Mccabe, Jr. sold 10,275 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $58.39, for a total transaction of $599,957.25. Following the sale, the chairman now directly owns 363,779 shares in the company, valued at approximately $21,241,055.81. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of the firm’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $58.55, for a total value of $93,680.00. Following the sale, the insider now owns 24,775 shares in the company, valued at $1,450,576.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,223 shares of company stock worth $2,808,137. Company insiders own 2.97% of the company’s stock.
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Pinnacle Financial Partners Profile
Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.
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