Basswood Capital Management L.L.C. Acquires New Holdings in Pinnacle Financial Partners, Inc. $PNFP

Basswood Capital Management L.L.C. bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 410,638 shares of the company’s stock, valued at approximately $41,425,000. Pinnacle Financial Partners accounts for about 1.6% of Basswood Capital Management L.L.C.’s investment portfolio, making the stock its 18th largest position.

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

Analyst Ratings Changes

Several equities research analysts have recently commented on PNFP shares. Truist Financial upped their price target on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. TD Cowen raised their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Piper Sandler boosted their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Citigroup upped their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. 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. Based on data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $118.35.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $101.75 on Thursday. 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 firm’s 50-day moving average is $101.92. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 0.40 and a beta of 1.03. 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 posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $1.24 billion. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a $0.50 dividend. 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 currently 27.47%.

Insider Buying and Selling

In other news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company’s stock in a transaction on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. This trade represents a 3.19% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider M Terry Turner sold 54,107 shares of the stock in a transaction on Monday, August 17th. The stock was 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 of the company’s stock, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 177,228 shares of company stock worth $19,153,713. 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.