UMB Bank n.a. Grows Stock Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

UMB Bank n.a. raised its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 16.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 858 shares of the financial services provider’s stock after purchasing an additional 122 shares during the period. UMB Bank n.a.’s holdings in Pinnacle Financial Partners were worth $91,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at about $101,798,000. North Reef Capital Management LP raised its stake in shares of Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider’s stock valued at $221,917,000 after purchasing an additional 705,000 shares during the period. Van Lanschot Kempen Investment Management N.V. bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $78,110,000. Capital Research Global Investors increased its stake in shares of Pinnacle Financial Partners by 57.0% in the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider’s stock worth $178,425,000 after buying an additional 566,061 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth $44,737,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. 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 report on Wednesday, April 16th. Barclays reduced 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. Jefferies Financial Group initiated coverage on shares of Pinnacle Financial Partners in a report on Wednesday, May 21st. They issued a “buy” rating and a $135.00 price objective for the company. Wells Fargo & Company dropped their price target on shares of 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $121.27.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $105.52 on Friday. The company has a market capitalization of $8.18 billion, a price-to-earnings ratio of 17.65 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a fifty-two week low of $74.33 and a fifty-two week high of $131.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.90 and a quick ratio of 0.90. The business’s 50-day moving average is $102.35 and its 200-day moving average is $110.94.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the company earned $1.53 EPS. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were issued a $0.24 dividend. The ex-dividend date was Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a yield of 0.91%. Pinnacle Financial Partners’s dividend payout ratio is currently 15.53%.

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.