King Luther Capital Management Corp Acquires 6,613 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

King Luther Capital Management Corp raised its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.2% during the fourth quarter, Holdings Channel reports. The firm owned 71,643 shares of the financial services provider’s stock after buying an additional 6,613 shares during the period. King Luther Capital Management Corp’s holdings in Pinnacle Financial Partners were worth $6,249,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Bruce G. Allen Investments LLC bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $32,000. Fifth Third Bancorp raised its stake in shares of Pinnacle Financial Partners by 101.4% in the third quarter. Fifth Third Bancorp now owns 423 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 213 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its stake in shares of Pinnacle Financial Partners by 57.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 550 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. Principal Securities Inc. bought a new position in Pinnacle Financial Partners in the 4th quarter worth approximately $60,000. Finally, CWM LLC raised its position in shares of Pinnacle Financial Partners by 62.3% during the fourth quarter. CWM LLC now owns 865 shares of the financial services provider’s stock worth $75,000 after acquiring an additional 332 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 0.6 %

Shares of NASDAQ:PNFP traded down $0.46 during mid-day trading on Thursday, reaching $81.06. 31,073 shares of the stock were exchanged, compared to its average volume of 445,266. The stock’s 50 day simple moving average is $81.89 and its 200-day simple moving average is $81.62. Pinnacle Financial Partners, Inc. has a one year low of $47.61 and a one year high of $92.33. The company has a market cap of $6.26 billion, a P/E ratio of 11.56 and a beta of 1.09. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.01. The company had revenue of $428.14 million for the quarter, compared to the consensus estimate of $413.27 million. Pinnacle Financial Partners had a net margin of 18.59% and a return on equity of 9.31%. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 6.75 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 3rd will be issued a dividend of $0.22 per share. The ex-dividend date is Thursday, May 2nd. This represents a $0.88 annualized dividend and a yield of 1.09%. Pinnacle Financial Partners’s payout ratio is presently 12.59%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Harold R. Carpenter sold 6,306 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $82.22, for a total transaction of $518,479.32. Following the transaction, the chief financial officer now directly owns 63,856 shares of the company’s stock, valued at approximately $5,250,240.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO M Terry Turner sold 72,000 shares of the firm’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $80.97, for a total value of $5,829,840.00. Following the sale, the chief executive officer now directly owns 222,790 shares of the company’s stock, valued at approximately $18,039,306.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 235,093 shares of company stock valued at $19,103,353. Insiders own 1.87% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of several recent research reports. Stephens dropped their price objective on Pinnacle Financial Partners from $109.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday. Jefferies Financial Group lowered their target price on shares of Pinnacle Financial Partners from $88.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 8th. Barclays began coverage on Pinnacle Financial Partners in a research note on Friday, March 8th. They issued an “equal weight” rating and a $93.00 price target on the stock. Truist Financial cut their target price on Pinnacle Financial Partners from $99.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.63.

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.