2,223 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Fox Run Management L.L.C.

Fox Run Management L.L.C. bought a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 2nd quarter, HoldingsChannel reports. The firm bought 2,223 shares of the financial services provider’s stock, valued at approximately $245,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS increased its holdings in shares of Pinnacle Financial Partners by 0.6% in the first quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock valued at $1,675,000 after buying an additional 100 shares in the last quarter. Sheets Smith Wealth Management raised its position in shares of Pinnacle Financial Partners by 1.8% during the second quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock worth $660,000 after purchasing an additional 105 shares during the period. Brooklyn Investment Group raised its position in shares of Pinnacle Financial Partners by 15.3% during the first 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. Park Avenue Securities LLC boosted its position in shares of Pinnacle Financial Partners by 1.5% in the 2nd quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock valued at $903,000 after purchasing an additional 121 shares during the period. Finally, Amalgamated Bank increased its stake in Pinnacle Financial Partners by 0.4% in the 2nd quarter. Amalgamated Bank now owns 35,195 shares of the financial services provider’s stock worth $3,886,000 after purchasing an additional 133 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, Director G Kennedy Thompson purchased 5,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was bought at an average cost of $87.63 per share, with a total value of $438,150.00. Following the purchase, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.46% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Keefe, Bruyette & Woods cut their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a report on Wednesday, August 13th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Truist Financial decreased their price objective on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Stephens cut their target price on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Finally, Hovde Group cut Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus price target of $109.55.

Pinnacle Financial Partners Stock Down 0.7%

Pinnacle Financial Partners stock opened at $87.87 on Friday. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $6.82 billion, a PE ratio of 11.17 and a beta of 1.12. The firm’s 50 day moving average price is $91.09 and its two-hundred day moving average price is $99.49.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating the consensus estimate of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The business had revenue of $544.80 million for the quarter, compared to analysts’ expectations of $526.40 million. During the same period in the previous year, the company posted $1.86 EPS. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 12.20%.

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.