Quantinno Capital Management LP Boosts Holdings in Pinnacle Financial Partners, Inc. $PNFP

Quantinno Capital Management LP boosted its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 45.3% in the 1st quarter, HoldingsChannel reports. The firm owned 227,891 shares of the company’s stock after purchasing an additional 71,076 shares during the quarter. Quantinno Capital Management LP’s holdings in Pinnacle Financial Partners were worth $19,631,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PNFP. Lazard Asset Management LLC purchased a new position in shares of Pinnacle Financial Partners in the first quarter worth $27,222,000. Troluce Capital Advisors LLC bought a new position in shares of Pinnacle Financial Partners during the first quarter worth $22,259,000. North Reef Capital Management LP purchased a new position in Pinnacle Financial Partners during the first quarter valued at $8,695,000. Waverly Advisors LLC grew its stake in Pinnacle Financial Partners by 705.8% during the first quarter. Waverly Advisors LLC now owns 34,334 shares of the company’s stock valued at $2,958,000 after acquiring an additional 30,073 shares in the last quarter. Finally, Entropy Technologies LP bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at $1,735,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Truist Financial lifted their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Robert W. Baird began coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Finally, UBS Group raised their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $117.00.

Insider Buying and Selling at Pinnacle Financial Partners

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

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $105.35 on Friday. The stock has a market cap of $8.17 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. 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 business has a 50 day moving average of $98.77. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.2 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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