Pinnacle Financial Partners, Inc. $PNFP Shares Bought by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 60.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,123 shares of the financial services provider’s stock after buying an additional 4,171 shares during the period. First Citizens Bank & Trust Co.’s holdings in Pinnacle Financial Partners were worth $1,228,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PNFP. Millennium Management LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter worth about $77,207,000. Nuveen LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter worth about $26,879,000. Junto Capital Management LP boosted its holdings in Pinnacle Financial Partners by 28.7% in the 1st quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider’s stock worth $47,302,000 after buying an additional 99,495 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 309.4% during the 1st quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider’s stock worth $13,473,000 after purchasing an additional 97,876 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 5.9% during the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock worth $168,873,000 after purchasing an additional 88,282 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Up 1.6%

PNFP stock opened at $88.26 on Friday. The firm has a market cap of $6.85 billion, a PE ratio of 11.21 and a beta of 1.02. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The firm’s 50 day moving average price is $93.80 and its 200-day moving average price is $100.28. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating the consensus estimate of $2.05 by $0.22. The firm had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same quarter in the previous year, the company earned $1.86 EPS. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 7th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s payout ratio is presently 12.20%.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter purchased 1,000 shares of the firm’s stock in a transaction on Thursday, July 31st. The shares were bought at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the purchase, the chief financial officer directly owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm’s stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares of the company’s stock, valued at $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 17,174 shares of company stock worth $1,485,229 over the last ninety days. Corporate insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Hovde Group cut Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Barclays set a $120.00 target price on Pinnacle Financial Partners in a report on Wednesday, October 8th. Wells Fargo & Company lowered their target price on Pinnacle Financial Partners from $110.00 to $100.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Finally, Cowen assumed coverage on Pinnacle Financial Partners in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Hold” and a consensus price target of $110.27.

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.