Yorktown Management & Research Co Inc Acquires New Holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Yorktown Management & Research Co Inc purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,500 shares of the financial services provider’s stock, valued at approximately $265,000.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Pinnacle Financial Partners by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider’s stock valued at $823,652,000 after acquiring an additional 87,058 shares in the last quarter. FMR LLC grew its position in Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider’s stock valued at $343,549,000 after purchasing an additional 286,894 shares in the last quarter. North Reef Capital Management LP grew its position in Pinnacle Financial Partners by 57.1% in the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after purchasing an additional 705,000 shares in the last quarter. Capital Research Global Investors increased its stake in Pinnacle Financial Partners by 57.0% in the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock valued at $178,425,000 after buying an additional 566,061 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 16.5% during the 4th quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider’s stock worth $172,072,000 after buying an additional 213,505 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of recent research reports. Truist Financial started coverage on Pinnacle Financial Partners in a research report on Tuesday, May 13th. They issued a “buy” rating and a $123.00 target price on the stock. Barclays dropped their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their target price on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $121.27.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $107.54 on Tuesday. The firm has a market capitalization of $8.34 billion, a PE ratio of 17.40 and a beta of 1.02. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners, Inc. has a fifty-two week low of $75.63 and a fifty-two week high of $131.91. The company’s 50-day moving average is $104.48 and its 200-day moving average is $109.48.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.29% and a net margin of 15.98%. The firm had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same period in the prior year, the firm posted $1.53 EPS. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 2nd were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend was Friday, May 2nd. Pinnacle Financial Partners’s dividend payout ratio is currently 15.53%.

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.