OLD National Bancorp IN Takes $202,000 Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

OLD National Bancorp IN purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,768 shares of the financial services provider’s stock, valued at approximately $202,000.

A number of other hedge funds have also bought and sold shares of PNFP. Bank of Montreal Can raised its stake in shares of Pinnacle Financial Partners by 2.4% during the 2nd quarter. Bank of Montreal Can now owns 9,158 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 215 shares during the period. Marshall Wace LLP bought a new stake in Pinnacle Financial Partners in the second quarter worth about $1,226,000. Algert Global LLC purchased a new position in Pinnacle Financial Partners in the second quarter valued at about $621,000. Creative Planning grew its position in shares of Pinnacle Financial Partners by 6.9% during the 2nd quarter. Creative Planning now owns 17,096 shares of the financial services provider’s stock valued at $1,368,000 after acquiring an additional 1,097 shares during the period. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $322,000. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $124.77 on Monday. The company’s 50 day simple moving average is $119.48 and its two-hundred day simple moving average is $106.98. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 1 year low of $73.62 and a 1 year high of $131.91. The stock has a market capitalization of $9.64 billion, a PE ratio of 20.86 and a beta of 1.09.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings data on Tuesday, January 21st. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.10. The company had revenue of $475.34 million during the quarter, compared to analyst estimates of $470.33 million. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the company earned $1.68 earnings per share. Analysts predict that Pinnacle Financial Partners, Inc. will post 7.79 earnings per share for the current fiscal year.

Pinnacle Financial Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.77%. This is a boost from Pinnacle Financial Partners’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, February 7th. Pinnacle Financial Partners’s dividend payout ratio is 16.05%.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter sold 3,051 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $125.57, for a total value of $383,114.07. Following the completion of the transaction, the chief financial officer now directly owns 60,805 shares in the company, valued at approximately $7,635,283.85. The trade was a 4.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David B. Ingram sold 3,610 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $126.07, for a total value of $455,112.70. Following the completion of the transaction, the director now owns 139,489 shares of the company’s stock, valued at $17,585,378.23. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,661 shares of company stock valued at $9,563,127 over the last three months. 1.87% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on PNFP. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $140.00 to $138.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Citigroup upped their price target on Pinnacle Financial Partners from $123.00 to $132.00 and gave the company a “buy” rating in a research report on Tuesday, December 31st. Truist Financial lifted their price objective on Pinnacle Financial Partners from $113.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $135.00 price objective (up from $115.00) on shares of Pinnacle Financial Partners in a report on Wednesday, December 4th. Finally, UBS Group began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $133.00 target price for the company. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $125.18.

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.