Renaissance Technologies LLC Buys 18,000 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Renaissance Technologies LLC increased its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 44.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,796 shares of the financial services provider’s stock after purchasing an additional 18,000 shares during the period. Renaissance Technologies LLC owned approximately 0.08% of Pinnacle Financial Partners worth $6,726,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. UMB Bank n.a. lifted its stake in shares of Pinnacle Financial Partners by 48.1% in the fourth quarter. UMB Bank n.a. now owns 736 shares of the financial services provider’s stock worth $84,000 after buying an additional 239 shares in the last quarter. Principal Securities Inc. lifted its position in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 91 shares in the last quarter. Trust Co. of Vermont purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at $97,000. Values First Advisors Inc. increased its holdings in shares of Pinnacle Financial Partners by 189.9% in the 4th quarter. Values First Advisors Inc. now owns 1,458 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 955 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Pinnacle Financial Partners by 20.6% in the fourth quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider’s stock worth $181,000 after purchasing an additional 271 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $95.11 on Friday. The stock has a market cap of $7.36 billion, a P/E ratio of 15.90 and a beta of 0.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average is $104.70 and its 200 day moving average is $111.76. Pinnacle Financial Partners, Inc. has a one year low of $73.62 and a one year high of $131.91.

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

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.01%. Pinnacle Financial Partners’s payout ratio is currently 15.53%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total value of $201,260.00. Following the completion of the sale, the chief executive officer now 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 filing with the SEC, which is accessible through the SEC website. Also, Chairman Robert A. Mccabe, Jr. sold 40,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $113.81, for a total value of $4,552,400.00. Following the sale, the chairman now directly owns 83,000 shares in the company, valued at approximately $9,446,230. This represents a 32.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,350 shares of company stock valued at $11,421,320 over the last three months. Corporate insiders own 1.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PNFP shares. Citigroup increased their price objective on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Wells Fargo & Company reduced 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 research note on Wednesday, April 9th. Barclays cut their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Hovde Group raised Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 price target on the stock in a report on Wednesday. Finally, Stephens reaffirmed an “overweight” rating and issued a $142.00 price objective on shares of Pinnacle Financial Partners in a report on Wednesday, January 22nd. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $119.50.

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.