Pinnacle Financial Partners, Inc. $PNFP Shares Acquired by Waverly Advisors LLC

Waverly Advisors LLC increased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 705.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 34,334 shares of the company’s stock after acquiring an additional 30,073 shares during the quarter. Waverly Advisors LLC’s holdings in Pinnacle Financial Partners were worth $2,958,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its holdings in Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after purchasing an additional 2,062,504 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after buying an additional 2,244,659 shares during the last quarter. State Street Corp boosted its holdings in shares of Pinnacle Financial Partners by 5.5% in the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after buying an additional 179,819 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Pinnacle Financial Partners by 42.2% in the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after buying an additional 910,367 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Pinnacle Financial Partners by 9.6% in the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock valued at $208,765,000 after buying an additional 191,292 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective on the stock. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Finally, TD Cowen upped their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the company’s stock in a transaction on Friday, July 24th. The shares were bought at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the transaction, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $104.66 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 14.38, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. The firm has a fifty day moving average price of $98.45. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 10.2 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.