Town & Country Bank & Trust CO dba First Bankers Trust CO Makes New Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Town & Country Bank & Trust CO dba First Bankers Trust CO acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,741 shares of the financial services provider’s stock, valued at approximately $1,563,000.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth about $101,798,000. North Reef Capital Management LP lifted its position in Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock worth $221,917,000 after acquiring an additional 705,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth approximately $78,110,000. Capital Research Global Investors boosted its holdings in shares of Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after acquiring an additional 566,061 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $44,737,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Glenda Baskin Glover sold 3,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total transaction of $304,650.00. Following the sale, the director now directly owns 9,943 shares of the company’s stock, valued at approximately $1,009,711.65. The trade was a 23.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO M Terry Turner sold 2,000 shares of the company’s 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 transaction, the chief executive officer now owns 254,552 shares of the company’s stock, valued at approximately $25,615,567.76. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,041 shares of company stock worth $509,986. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.5%

Shares of Pinnacle Financial Partners stock opened at $107.25 on Friday. The company has a quick ratio of 0.90, a current 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. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 17.93 and a beta of 1.00. The firm’s 50-day moving average price is $101.70 and its two-hundred day moving average price is $112.13.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) 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 business had revenue of $475.37 million for the quarter, compared to analyst estimates of $478.11 million. During the same quarter last year, the business posted $1.53 EPS. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 2nd will be paid a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.90%. Pinnacle Financial Partners’s payout ratio is 15.53%.

Analysts Set New Price Targets

PNFP has been the subject of several research reports. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group initiated coverage on Pinnacle Financial Partners in a research report on Wednesday, May 21st. They set a “buy” rating and a $135.00 price objective on the stock. Hovde Group raised shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price for the company in a research report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price target on shares of Pinnacle Financial Partners from $130.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Four investment 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. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and an average price target of $121.27.

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.