Norges Bank Acquires New Stake in Pinnacle Financial Partners (PNFP)

Norges Bank acquired a new position in shares of Pinnacle Financial Partners (NASDAQ:PNFP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 423,156 shares of the financial services provider’s stock, valued at approximately $19,508,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Enlightenment Research LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $28,000. Pearl River Capital LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $37,000. Toronto Dominion Bank bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $61,000. Advisors Asset Management Inc. bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $126,000. Finally, Aspire Private Capital LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $130,000. 81.79% of the stock is owned by institutional investors and hedge funds.

In other news, Chairman Richard D. Callicutt II sold 15,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $58.56, for a total value of $878,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Ronald L. Samuel sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $56.74, for a total value of $90,784.00. Following the completion of the transaction, the insider now directly owns 24,253 shares of the company’s stock, valued at approximately $1,376,115.22. The disclosure for this sale can be found here. Insiders sold 44,188 shares of company stock valued at $2,570,031 in the last three months. Company insiders own 2.97% of the company’s stock.

PNFP stock opened at $57.11 on Thursday. The stock has a market capitalization of $4.46 billion, a PE ratio of 12.05, a P/E/G ratio of 0.81 and a beta of 1.39. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.01 and a quick ratio of 1.00. Pinnacle Financial Partners has a 12 month low of $43.23 and a 12 month high of $68.70.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Monday, April 15th. The financial services provider reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.03. The firm had revenue of $238.30 million during the quarter, compared to analysts’ expectations of $246.03 million. Pinnacle Financial Partners had a net margin of 30.80% and a return on equity of 9.53%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.13 earnings per share. As a group, analysts anticipate that Pinnacle Financial Partners will post 5.08 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 3rd will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.12%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 13.50%.

Several equities research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Friday, January 4th. BidaskClub cut shares of Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, March 26th. Wells Fargo & Co cut their price objective on shares of Pinnacle Financial Partners from $72.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, January 3rd. Stephens reaffirmed a “buy” rating and set a $65.00 price objective on shares of Pinnacle Financial Partners in a research report on Tuesday, April 16th. Finally, Raymond James set a $66.00 price objective on shares of Pinnacle Financial Partners and gave the stock a “buy” rating in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $64.14.

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Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc operates as a bank holding company for Pinnacle Bank that provides various banking products and services in the United States. The company accepts various deposits, including savings, checking, interest-bearing checking, money market, and certificate of deposit accounts.

Further Reading: The risks of owning bonds

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Institutional Ownership by Quarter for Pinnacle Financial Partners (NASDAQ:PNFP)

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