Raymond James Financial Services Advisors Inc. increased its stake in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 1.8% in the first quarter, HoldingsChannel.com reports. The firm owned 98,336 shares of the financial services provider’s stock after buying an additional 1,778 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $5,379,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. grew its stake in Pinnacle Financial Partners by 3.3% in the fourth quarter. BlackRock Inc. now owns 6,727,103 shares of the financial services provider’s stock valued at $310,120,000 after acquiring an additional 214,958 shares during the period. Vanguard Group Inc grew its stake in Pinnacle Financial Partners by 2.2% in the third quarter. Vanguard Group Inc now owns 6,520,182 shares of the financial services provider’s stock valued at $392,188,000 after acquiring an additional 142,700 shares during the period. Ceredex Value Advisors LLC grew its stake in Pinnacle Financial Partners by 13.6% in the fourth quarter. Ceredex Value Advisors LLC now owns 1,796,600 shares of the financial services provider’s stock valued at $82,823,000 after acquiring an additional 215,400 shares during the period. Dimensional Fund Advisors LP grew its stake in Pinnacle Financial Partners by 5.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,586,418 shares of the financial services provider’s stock valued at $73,135,000 after acquiring an additional 82,699 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Pinnacle Financial Partners by 0.7% in the first quarter. Victory Capital Management Inc. now owns 1,545,122 shares of the financial services provider’s stock valued at $84,518,000 after acquiring an additional 11,085 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on the company. BidaskClub cut Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, March 26th. Zacks Investment Research cut Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Wednesday, March 27th. Stephens reissued a “buy” rating and issued a $65.00 target price on shares of Pinnacle Financial Partners in a research note on Tuesday, April 16th. Finally, Raymond James set a $66.00 target price on Pinnacle Financial Partners and gave the company a “buy” rating in a research note on Thursday, April 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $64.14.
In other news, Director Gregory L. Burns sold 3,454 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $58.01, for a total value of $200,366.54. Following the sale, the director now directly owns 28,804 shares in the company, valued at $1,670,920.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard D. Callicutt II sold 4,035 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $59.01, for a total value of $238,105.35. Following the completion of the sale, the chairman now owns 129,269 shares in the company, valued at $7,628,163.69. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,223 shares of company stock worth $2,808,137. Corporate insiders own 2.97% of the company’s stock.
Shares of Pinnacle Financial Partners stock opened at $54.26 on Friday. The stock has a market capitalization of $4.18 billion, a PE ratio of 11.45, a PEG ratio of 0.79 and a beta of 1.39. Pinnacle Financial Partners has a one year low of $43.23 and a one year high of $68.35. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.00 and a current ratio of 1.01.
Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.03. The company had revenue of $238.30 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.13 earnings per share. Analysts predict that Pinnacle Financial Partners will post 5.1 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be issued a $0.16 dividend. The ex-dividend date is Thursday, May 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.18%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 13.50%.
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About Pinnacle Financial Partners
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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