Catalyst Funds Management Pty Ltd Invests $221,000 in Pinnacle Financial Partners, Inc. $PNFP

Catalyst Funds Management Pty Ltd bought a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 2,000 shares of the financial services provider’s stock, valued at approximately $221,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock valued at $168,873,000 after acquiring an additional 88,282 shares during the last quarter. Fenimore Asset Management Inc lifted its holdings in shares of Pinnacle Financial Partners by 2.2% in the 2nd quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock worth $118,908,000 after acquiring an additional 23,552 shares during the last quarter. Azora Capital LP raised its position in Pinnacle Financial Partners by 9.2% in the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock worth $105,878,000 after purchasing an additional 84,538 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Pinnacle Financial Partners by 2.0% during the first quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider’s stock valued at $103,767,000 after buying an additional 18,807 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at about $77,207,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $90.12 on Friday. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 11.45 and a beta of 1.12. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company’s 50-day moving average is $89.87 and its 200 day moving average is $98.87.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same quarter last year, the firm earned $1.86 earnings per share. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. Pinnacle Financial Partners’s payout ratio is 12.20%.

Insider Transactions at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson purchased 5,000 shares of Pinnacle Financial Partners stock in a transaction dated Monday, October 20th. The stock was purchased at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the purchase, the director directly owned 33,372 shares of the company’s stock, valued at $2,924,388.36. The trade was a 17.62% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.46% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Pinnacle Financial Partners in a report on Friday, October 31st. Cowen assumed coverage on Pinnacle Financial Partners in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Jefferies Financial Group reiterated a “hold” rating and issued a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Truist Financial reduced their price target on shares of Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Finally, Citigroup decreased their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $109.55.

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.