Bragg Financial Advisors Inc Acquires 1,282 Shares of Pinnacle Financial Partners, Inc. $PNFP

Bragg Financial Advisors Inc increased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 30.4% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 5,506 shares of the financial services provider’s stock after purchasing an additional 1,282 shares during the period. Bragg Financial Advisors Inc’s holdings in Pinnacle Financial Partners were worth $584,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Utah Retirement Systems grew its position in shares of Pinnacle Financial Partners by 2.5% in the 4th quarter. Utah Retirement Systems now owns 4,090 shares of the financial services provider’s stock valued at $468,000 after buying an additional 100 shares during the last quarter. KLP Kapitalforvaltning AS raised its holdings in Pinnacle Financial Partners by 0.6% during the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock worth $1,675,000 after purchasing an additional 100 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock worth $88,000 after purchasing an additional 110 shares during the period. Parallel Advisors LLC increased its position in shares of Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider’s stock worth $227,000 after buying an additional 116 shares during the period. Finally, UMB Bank n.a. raised 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 during the last quarter. Institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, CFO Harold R. Carpenter acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the purchase, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas C. Farnsworth III purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 1st. The shares were purchased at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the transaction, the director directly owned 28,277 shares in the company, valued at approximately $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $92.39 on Friday. The firm has a market capitalization of $7.17 billion, a PE ratio of 12.25 and a beta of 1.03. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The company has a 50-day moving average price of $103.47 and a two-hundred day moving average price of $105.31. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The company had revenue of $504.99 million for the quarter, compared to analysts’ expectations of $495.27 million. During the same period in the prior year, the company posted $1.63 EPS. Pinnacle Financial Partners’s revenue was up 15.1% compared to the same quarter last year. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is presently 12.73%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PNFP. Truist Financial reiterated a “buy” rating and set a $127.00 price target (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Jefferies Financial Group reissued a “hold” rating and issued a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Barclays cut their price objective on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Monday, July 28th. Stephens dropped their price target on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 29th. Finally, UBS Group reiterated a “neutral” rating and set a $121.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus target price of $114.80.

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.