Pacer Advisors Inc. Acquires 8,676 Shares of Pinnacle Financial Partners, Inc. $PNFP

Pacer Advisors Inc. lifted its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 94.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,876 shares of the company’s stock after buying an additional 8,676 shares during the period. Pacer Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $1,540,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its position in shares of Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after acquiring an additional 581 shares in the last quarter. Amundi grew its stake in Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after purchasing an additional 4,369 shares during the period. Jump Financial LLC purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth about $229,000. Finally, Cerity Partners LLC grew its position in Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after buying an additional 1,039 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. TD Cowen raised their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. DA Davidson boosted their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Benchmark increased their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $117.29.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $104.75 on Friday. The business’s 50-day moving average is $99.69. The stock has a market cap of $8.13 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Insider Activity at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction dated Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the transaction, the insider directly 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.

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.