Brooks Moore & Associates Inc. Invests $3.20 Million in Pinnacle Financial Partners, Inc. $PNFP

Brooks Moore & Associates Inc. bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 31,765 shares of the company’s stock, valued at approximately $3,204,000. Pinnacle Financial Partners comprises approximately 1.4% of Brooks Moore & Associates Inc.’s portfolio, making the stock its 23rd largest position.

Other hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its stake in Pinnacle Financial Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after purchasing an additional 116 shares during the period. Villanova Investment Management Co LLC boosted its holdings in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after purchasing an additional 118 shares during the last quarter. Simplicity Wealth LLC grew its stake in shares of Pinnacle Financial Partners by 1.5% during the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after buying an additional 131 shares during the period. Graham Capital Management L.P. grew its stake in shares of Pinnacle Financial Partners by 0.7% during the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after buying an additional 146 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 3.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock worth $486,000 after buying an additional 158 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNFP has been the topic of several research reports. Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Benchmark boosted their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. TD Cowen upped their price target on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. JPMorgan Chase & Co. cut their price objective 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. Finally, Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $118.35.

Insider Transactions at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. bought 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 acquisition, the insider owned 324,233 shares in the company, valued at $32,390,876.70. This represents a 3.19% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider M Terry Turner sold 66,783 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares in the company, valued at $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Trading Down 0.5%

Shares of PNFP stock opened at $101.12 on Friday. The company has a fifty day simple moving average of $102.01. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a market cap of $7.84 billion, a P/E ratio of 13.89, a PEG ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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