Vicus Capital Buys 330 Shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Vicus Capital boosted its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 18.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,114 shares of the financial services provider’s stock after purchasing an additional 330 shares during the quarter. Vicus Capital’s holdings in Pinnacle Financial Partners were worth $224,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Kapitalo Investimentos Ltda bought a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. UMB Bank n.a. boosted its stake in Pinnacle Financial Partners by 16.6% during the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider’s stock worth $91,000 after buying an additional 122 shares in the last quarter. Principal Securities Inc. increased its holdings in Pinnacle Financial Partners by 12.7% in the 4th quarter. Principal Securities Inc. now owns 808 shares of the financial services provider’s stock valued at $92,000 after buying an additional 91 shares during the period. GAMMA Investing LLC increased its holdings in Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock valued at $171,000 after buying an additional 551 shares during the period. Finally, Blair William & Co. IL acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $200,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Stock Down 0.7%

Shares of NASDAQ:PNFP opened at $102.77 on Wednesday. Pinnacle Financial Partners, Inc. has a 12 month low of $74.58 and a 12 month high of $131.91. The firm has a market cap of $7.97 billion, a P/E ratio of 16.63 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average price is $103.46 and its two-hundred day moving average price is $110.14.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly 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 net margin of 15.98% and a return on equity of 9.29%. The business had revenue of $475.37 million during the quarter, compared to analyst estimates of $478.11 million. During the same quarter last year, the business posted $1.53 earnings per share. As a group, research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 2nd were paid a $0.24 dividend. The ex-dividend date was Friday, May 2nd. This represents a $0.96 annualized dividend and a dividend yield of 0.93%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 15.53%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PNFP. Truist Financial initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 13th. They set a “buy” rating and a $123.00 target price on the stock. Wells Fargo & Company cut their price objective on Pinnacle Financial Partners from $125.00 to $105.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Barclays lowered their target price on shares of Pinnacle Financial Partners from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Hovde Group upgraded shares of Pinnacle Financial Partners from a “market perform” rating to an “outperform” rating and set a $111.00 target price for the company in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $121.27.

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.