Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Stake Raised by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 44.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,796 shares of the financial services provider's stock after purchasing an additional 18,000 shares during the quarter. Renaissance Technologies LLC owned approximately 0.08% of Pinnacle Financial Partners worth $6,726,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. KBC Group NV raised its stake in Pinnacle Financial Partners by 1,054.3% during the fourth quarter. KBC Group NV now owns 26,722 shares of the financial services provider's stock worth $3,057,000 after purchasing an additional 24,407 shares during the period. Artemis Investment Management LLP increased its stake in Pinnacle Financial Partners by 2.6% during the fourth quarter. Artemis Investment Management LLP now owns 482,672 shares of the financial services provider's stock worth $55,213,000 after acquiring an additional 12,455 shares during the last quarter. Beacon Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 101,563.6% in the 4th quarter. Beacon Capital Management LLC now owns 22,366 shares of the financial services provider's stock worth $2,558,000 after purchasing an additional 22,344 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Pinnacle Financial Partners by 27.0% in the 3rd quarter. Principal Financial Group Inc. now owns 983,282 shares of the financial services provider's stock valued at $96,332,000 after purchasing an additional 208,938 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $367,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CEO M Terry Turner sold 2,000 shares of the business'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 completion of the transaction, the chief executive officer now owns 254,552 shares in the company, valued at $25,615,567.76. The trade was a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David B. Ingram sold 40,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $126.50, for a total value of $5,060,000.00. Following the completion of the sale, the director now directly owns 40,991 shares in the company, valued at $5,185,361.50. This represents a 49.39 % 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 worth $11,421,320 over the last ninety days. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP traded up $3.31 during trading hours on Tuesday, reaching $96.99. 404,232 shares of the stock were exchanged, compared to its average volume of 507,463. Pinnacle Financial Partners, Inc. has a 52 week low of $73.62 and a 52 week high of $131.91. 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 capitalization of $7.50 billion, a P/E ratio of 16.22 and a beta of 0.94. The firm has a 50 day simple moving average of $104.19 and a 200-day simple moving average of $112.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating 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 firm had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same quarter in the previous year, the firm earned $1.53 earnings per share. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 2nd will be issued a $0.24 dividend. The ex-dividend date is Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 0.99%. Pinnacle Financial Partners's dividend payout ratio is currently 15.53%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PNFP. Hovde Group raised shares of Pinnacle Financial Partners from a "market perform" rating to an "outperform" rating and set a $111.00 price objective for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company reduced their price target on Pinnacle Financial Partners from $125.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Stephens reiterated an "overweight" rating and set a $142.00 price objective on shares of Pinnacle Financial Partners in a research note on Wednesday, January 22nd. Finally, Barclays lowered their price target on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $119.50.

About Pinnacle Financial Partners

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.