Meeder Advisory Services Inc. Makes New $620,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

Meeder Advisory Services Inc. bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,150 shares of the company’s stock, valued at approximately $620,000.

Other hedge funds have also modified their holdings of the company. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners in the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC bought a new position in Pinnacle Financial Partners in the fourth quarter valued at about $27,000. BOKF NA increased its position in Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the period. Activest Wealth Management bought a new stake in Pinnacle Financial Partners during the 4th quarter worth about $28,000. Finally, Resources Management Corp CT ADV bought a new stake in Pinnacle Financial Partners during the 1st quarter worth about $26,000. 87.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on PNFP shares. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Piper Sandler increased their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, July 24th. TD Cowen raised their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $118.35.

Insider Activity at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the acquisition, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider M Terry Turner sold 66,783 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the transaction, the insider directly owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 177,228 shares of company stock valued at $19,153,713 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.3%

NYSE:PNFP opened at $101.93 on Friday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. 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 firm has a market capitalization of $7.91 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 0.41 and a beta of 1.03. The firm has a 50-day simple moving average of $101.51.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results 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 return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners’s payout ratio is presently 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.