Independence Bank of Kentucky Grows Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Independence Bank of Kentucky boosted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.4% during the first quarter, Holdings Channel reports. The institutional investor owned 7,060 shares of the financial services provider’s stock after buying an additional 665 shares during the period. Independence Bank of Kentucky’s holdings in Pinnacle Financial Partners were worth $749,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNFP. Principal Securities Inc. lifted its holdings in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 91 shares during the period. Sage Mountain Advisors LLC increased its position in Pinnacle Financial Partners by 0.3% during the fourth quarter. Sage Mountain Advisors LLC now owns 36,198 shares of the financial services provider’s stock worth $4,141,000 after purchasing an additional 99 shares during the last quarter. Utah Retirement Systems raised its stake in Pinnacle Financial Partners by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider’s stock worth $468,000 after purchasing an additional 100 shares during the period. First Horizon Advisors Inc. raised its stake in Pinnacle Financial Partners by 3.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,399 shares of the financial services provider’s stock worth $389,000 after purchasing an additional 102 shares during the period. Finally, Cahaba Wealth Management Inc. boosted its holdings in shares of Pinnacle Financial Partners by 1.7% in the 4th quarter. Cahaba Wealth Management Inc. now owns 6,625 shares of the financial services provider’s stock valued at $758,000 after purchasing an additional 113 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 2.4%

Shares of NASDAQ:PNFP opened at $108.05 on Friday. The firm has a market cap of $8.38 billion, a PE ratio of 18.07 and a beta of 1.02. The company has a fifty day simple moving average of $101.61 and a 200 day simple moving average of $111.27. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. Pinnacle Financial Partners, Inc. has a 12-month low of $73.62 and a 12-month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a net margin of 15.48% and a return on equity of 9.04%. The company had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same period last year, the business earned $1.53 EPS. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 2nd were issued a dividend of $0.24 per share. 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 presently 15.53%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PNFP. Truist Financial started coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They set a “buy” rating and a $123.00 target price on the stock. Jefferies Financial Group began coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, May 21st. They set a “buy” rating and a $135.00 price objective on the stock. Keefe, Bruyette & Woods reduced 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 research report on Thursday, April 17th. Wells Fargo & Company lowered their price target on shares of Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Finally, Barclays dropped their price target on shares of 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. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average target price of $121.27.

Insider Activity

In other news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the sale, the chief executive officer now directly owns 254,552 shares in the company, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares in the company, valued at approximately $1,009,711.65. This trade represents a 23.18% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,041 shares of company stock worth $509,986. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners 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.