28,766 Shares in Pinnacle Financial Partners, Inc. $PNFP Bought by Sanctuary Advisors LLC

Sanctuary Advisors LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 28,766 shares of the company’s stock, valued at approximately $2,902,000.

A number of other hedge funds have also added to or reduced their stakes in PNFP. BlackRock Inc. bought a new position in Pinnacle Financial Partners in the 2nd quarter worth $1,704,708,000. AQR Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after purchasing an additional 2,062,504 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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 valued at $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. State Street Corp increased its position in shares of Pinnacle Financial Partners by 5.5% during the fourth 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 during the period. Finally, Wellington Management Group LLP increased its position in shares of Pinnacle Financial Partners by 42.2% during the fourth 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 during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company raised their price objective on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, July 24th. DA Davidson upped their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Benchmark increased their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, TD Cowen raised their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Two equities research 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $118.35.

Insider Activity

In other Pinnacle Financial Partners news, insider M Terry Turner sold 54,107 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the sale, the insider directly owned 248,123 shares in the company, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider directly owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 over the last three months. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Trading Down 0.4%

Pinnacle Financial Partners stock opened at $100.91 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The business has a fifty day moving average of $101.79. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a market capitalization of $7.83 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last released its 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 firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

About Pinnacle Financial Partners

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.