Ironwood Investment Management LLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 10,010 shares of the financial services provider’s stock, valued at approximately $665,000.
Several other hedge funds also recently added to or reduced their stakes in PNFP. Teachers Advisors LLC raised its stake in Pinnacle Financial Partners by 0.4% in the fourth quarter. Teachers Advisors LLC now owns 287,710 shares of the financial services provider’s stock worth $19,938,000 after buying an additional 1,177 shares during the period. Keybank National Association OH raised its stake in Pinnacle Financial Partners by 8.6% in the first quarter. Keybank National Association OH now owns 38,618 shares of the financial services provider’s stock worth $2,566,000 after buying an additional 3,049 shares during the period. Comerica Bank raised its stake in Pinnacle Financial Partners by 3.6% in the first quarter. Comerica Bank now owns 78,677 shares of the financial services provider’s stock worth $5,153,000 after buying an additional 2,752 shares during the period. First Trust Advisors LP raised its stake in Pinnacle Financial Partners by 280.4% in the first quarter. First Trust Advisors LP now owns 398,723 shares of the financial services provider’s stock worth $26,495,000 after buying an additional 293,898 shares during the period. Finally, New York State Teachers Retirement System raised its stake in Pinnacle Financial Partners by 3.5% in the fourth quarter. New York State Teachers Retirement System now owns 124,518 shares of the financial services provider’s stock worth $8,629,000 after buying an additional 4,200 shares during the period. 75.63% of the stock is owned by hedge funds and other institutional investors.
Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) traded down 0.40% during trading on Friday, hitting $62.50. The company had a trading volume of 417,018 shares. Pinnacle Financial Partners, Inc. has a 52 week low of $44.61 and a 52 week high of $71.85. The stock’s 50-day moving average price is $63.32 and its 200 day moving average price is $66.11. The company has a market capitalization of $3.07 billion, a P/E ratio of 20.49 and a beta of 1.33.
Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Monday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.06. Pinnacle Financial Partners had a return on equity of 9.78% and a net margin of 27.22%. The firm had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.59 million. During the same quarter in the previous year, the business earned $0.71 EPS. The company’s quarterly revenue was up 19.4% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post $3.41 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 26th. Investors of record on Friday, May 5th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date was Wednesday, May 3rd. Pinnacle Financial Partners’s payout ratio is currently 18.42%.
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A number of analysts have recently weighed in on PNFP shares. Zacks Investment Research raised Pinnacle Financial Partners from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a research note on Tuesday, March 28th. Hilliard Lyons reissued a “neutral” rating and set a $69.00 price objective (down previously from $71.00) on shares of Pinnacle Financial Partners in a research note on Saturday, April 22nd. Stephens reissued a “hold” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, April 19th. Finally, BidaskClub lowered Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $62.50.
In other Pinnacle Financial Partners news, Director Joseph C. Galante acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The stock was bought at an average price of $59.73 per share, for a total transaction of $59,730.00. Following the acquisition, the director now directly owns 18,511 shares in the company, valued at $1,105,662.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have purchased 1,425 shares of company stock valued at $86,180. 5.41% of the stock is owned by company insiders.
About Pinnacle Financial Partners
Pinnacle Financial Partners, Inc is a bank holding company. The Company operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville, Knoxville, Memphis and Chattanooga, Tennessee and other counties. It provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management.
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