Pinnacle Financial Partners (PNFP) Position Increased by Swiss National Bank

Swiss National Bank increased its position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) by 2.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 128,461 shares of the financial services provider’s stock after buying an additional 2,800 shares during the period. Swiss National Bank owned 0.16% of Pinnacle Financial Partners worth $8,247,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in Pinnacle Financial Partners by 1.0% in the 4th quarter. BlackRock Inc. now owns 6,050,010 shares of the financial services provider’s stock valued at $401,116,000 after purchasing an additional 59,719 shares during the period. Jennison Associates LLC raised its stake in shares of Pinnacle Financial Partners by 51.7% in the 4th quarter. Jennison Associates LLC now owns 2,861,331 shares of the financial services provider’s stock valued at $189,706,000 after buying an additional 974,772 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,725,348 shares of the financial services provider’s stock valued at $114,390,000 after buying an additional 7,720 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Pinnacle Financial Partners by 3.3% in the 1st quarter. Victory Capital Management Inc. now owns 1,242,218 shares of the financial services provider’s stock valued at $79,750,000 after buying an additional 39,768 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. raised its stake in shares of Pinnacle Financial Partners by 2.3% in the 4th quarter. Pinnacle Financial Partners Inc. now owns 1,138,053 shares of the financial services provider’s stock valued at $75,453,000 after buying an additional 25,306 shares in the last quarter. 76.40% of the stock is owned by institutional investors and hedge funds.

Shares of Pinnacle Financial Partners opened at $67.25 on Friday, MarketBeat.com reports. The stock has a market cap of $5.30 billion, a P/E ratio of 18.84, a PEG ratio of 0.90 and a beta of 1.04. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.65. Pinnacle Financial Partners has a 12-month low of $58.40 and a 12-month high of $70.30.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Monday, April 16th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.03. The business had revenue of $218.60 million during the quarter, compared to analysts’ expectations of $220.48 million. Pinnacle Financial Partners had a net margin of 24.09% and a return on equity of 7.52%. The firm’s revenue for the quarter was up 83.5% on a year-over-year basis. During the same quarter last year, the company posted $0.83 EPS. equities research analysts forecast that Pinnacle Financial Partners will post 4.72 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 25th. Investors of record on Friday, May 4th were given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Thursday, May 3rd. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 15.69%.

A number of equities analysts have recently issued reports on the stock. UBS assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, March 21st. They issued a “sell” rating and a $56.00 price objective for the company. BidaskClub upgraded shares of Pinnacle Financial Partners from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “buy” rating to a “hold” rating in a research note on Thursday, April 5th. Stephens upgraded shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating in a research note on Monday, February 5th. Finally, Keefe, Bruyette & Woods upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating in a research note on Friday, February 16th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $72.22.

In related news, Vice Chairman Ronald L. Samuel sold 3,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $66.06, for a total transaction of $198,180.00. Following the completion of the sale, the insider now owns 43,794 shares in the company, valued at approximately $2,893,031.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 19,515 shares of the stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $67.63, for a total transaction of $1,319,799.45. Following the sale, the chairman now owns 384,814 shares of the company’s stock, valued at approximately $26,024,970.82. The disclosure for this sale can be found here. Insiders have sold a total of 116,568 shares of company stock valued at $7,825,256 in the last quarter. 3.39% of the stock is currently owned by corporate insiders.

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.

Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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