Pinnacle Financial Partners, Inc. $PNFP Stake Boosted by NewEdge Advisors LLC

NewEdge Advisors LLC boosted its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 10.6% in the second quarter, HoldingsChannel.com reports. The firm owned 52,910 shares of the company’s stock after acquiring an additional 5,062 shares during the period. NewEdge Advisors LLC’s holdings in Pinnacle Financial Partners were worth $5,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System bought a new position in Pinnacle Financial Partners in the second quarter worth about $1,785,576,000. BlackRock Inc. acquired a new position in Pinnacle Financial Partners in the second quarter valued at approximately $1,704,708,000. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 80.4% during the first 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 during the last quarter. Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 22.1% during the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock valued at $1,123,944,000 after purchasing an additional 2,016,827 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $133,031,000. Institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

PNFP has been the topic of several recent research reports. Robert W. Baird began coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target on the stock. Benchmark upped their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Truist Financial increased their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research note on Monday, July 27th. Finally, DA Davidson boosted their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $119.39.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO Kevin S. Blair bought 2,565 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were acquired at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the acquisition, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gregory G. Montana bought 500 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average cost of $98.61 per share, with a total value of $49,305.00. Following the completion of the purchase, the director owned 4,959 shares of the company’s stock, valued at approximately $489,006.99. The trade was a 11.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders purchased 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Trading Up 0.8%

PNFP opened at $100.08 on Tuesday. 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 company’s 50 day simple moving average is $102.28. The company has a market capitalization of $7.76 billion, a PE ratio of 13.75, a PEG ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were given a $0.50 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s payout ratio is 27.47%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.