OneAscent Financial Services LLC Buys New Stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

OneAscent Financial Services LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,797 shares of the financial services provider's stock, valued at approximately $434,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PNFP. UMB Bank n.a. boosted 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 valued at $84,000 after buying an additional 239 shares in the last quarter. Principal Securities Inc. boosted its position in shares of Pinnacle Financial Partners by 12.7% during the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider's stock worth $92,000 after purchasing an additional 91 shares in the last quarter. Trust Co. of Vermont purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $97,000. Values First Advisors Inc. grew its stake in shares of Pinnacle Financial Partners by 189.9% during 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 during the period. Finally, Blue Trust Inc. increased its holdings in shares of Pinnacle Financial Partners by 20.6% in the 4th quarter. Blue Trust Inc. now owns 1,586 shares of the financial services provider's stock valued at $181,000 after purchasing an additional 271 shares in the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

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Pinnacle Financial Partners Trading Up 10.4 %

Shares of NASDAQ:PNFP traded up $9.11 during trading on Wednesday, reaching $96.34. The stock had a trading volume of 1,127,767 shares, compared to its average volume of 493,771. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.37. The stock has a market cap of $7.45 billion, a P/E ratio of 16.11 and a beta of 0.94. The business has a fifty day moving average price of $108.99 and a 200-day moving average price of $112.02. Pinnacle Financial Partners, Inc. has a fifty-two week low of $73.62 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.34 million during the quarter, compared to the consensus estimate of $470.33 million. During the same period in the previous year, the firm posted $1.68 EPS. Pinnacle Financial Partners's revenue was up 19.9% on a year-over-year basis. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, February 7th. This is an increase from Pinnacle Financial Partners's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 1.00%. Pinnacle Financial Partners's dividend payout ratio is 16.05%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $140.00 to $138.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. Wells Fargo & Company dropped their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating for the company in a research note on Wednesday. Stephens reiterated an "overweight" rating and set a $142.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, January 22nd. UBS Group assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, December 17th. They issued a "neutral" rating and a $133.00 price target for the company. Finally, Barclays decreased their price objective on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating on the stock in a research report on Tuesday. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $124.70.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director Glenda Baskin Glover sold 3,000 shares of the 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 transaction, the director now owns 9,943 shares of the company's stock, valued at $1,009,711.65. This trade represents a 23.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of Pinnacle Financial Partners stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $126.50, for a total transaction of $5,060,000.00. Following the completion of the transaction, the director now owns 40,991 shares in the company, valued at approximately $5,185,361.50. This trade represents a 49.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,350 shares of company stock valued at $11,421,320. Insiders own 1.46% of the company's stock.

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.