Proficio Capital Partners LLC Buys Shares of 7,582 Pinnacle Financial Partners, Inc. $PNFP

Proficio Capital Partners LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, Holdings Channel.com reports. The fund purchased 7,582 shares of the company’s stock, valued at approximately $765,000.

Several other institutional investors and hedge funds have also modified their holdings of PNFP. Northwestern Mutual Wealth Management Co. lifted its position in shares of Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock worth $1,544,000 after purchasing an additional 8,927 shares during the period. BlackRock Inc. acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $1,704,708,000. Harbor Advisors LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $1,034,000. Anchor Investment Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $1,156,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $2,574,000. 87.40% of the stock is currently owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were bought at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This trade represents a 3.19% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider M Terry Turner sold 54,107 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the transaction, the insider owned 248,123 shares in the company, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their position. 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 valued at $19,153,713. 1.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PNFP has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Benchmark increased their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. TD Cowen boosted their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a report on Monday, July 27th. Citigroup lifted their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Two equities research 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’s stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $101.75 on Thursday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a 50-day moving average price of $101.92. 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 $7.89 billion, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given 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 of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Pinnacle Financial Partners Company 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.