1,862 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Virtue Capital Management LLC

Virtue Capital Management LLC acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the second quarter, Holdings Channel.com reports. The fund acquired 1,862 shares of the financial services provider’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 1248 Management LLC purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter valued at $29,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $38,000. MAI Capital Management lifted its holdings in shares of Pinnacle Financial Partners by 79.4% during the 2nd quarter. MAI Capital Management now owns 366 shares of the financial services provider’s stock valued at $40,000 after buying an additional 162 shares during the last quarter. Spurstone Advisory Services LLC acquired a new position in Pinnacle Financial Partners in the second quarter worth approximately $41,000. Finally, Ameritas Advisory Services LLC bought a new position in Pinnacle Financial Partners during the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total transaction of $630,075.00. Following the sale, the chairman directly owned 202,505 shares in the company, valued at approximately $18,832,965. The trade was a 3.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director G Kennedy Thompson purchased 5,000 shares of the firm’s stock in a transaction on Monday, October 20th. The shares were acquired at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the purchase, the director directly owned 33,372 shares of the company’s stock, valued at approximately $2,924,388.36. This represents a 17.62% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.46% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on PNFP shares. Cowen started coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. UBS Group decreased their price objective on shares of Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Keefe, Bruyette & Woods lowered their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 13th. Truist Financial reduced their price target on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Finally, TD Cowen began coverage on Pinnacle Financial Partners in a research note on Thursday, September 25th. They set a “buy” rating and a $122.00 price target for the company. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $109.55.

Pinnacle Financial Partners Stock Down 0.1%

Shares of PNFP stock opened at $91.86 on Friday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $128.89. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The firm has a market cap of $7.13 billion, a PE ratio of 11.67 and a beta of 1.12. The stock has a 50 day moving average of $89.43 and a 200-day moving average of $98.26.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. The business had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same quarter in the previous year, the firm posted $1.86 earnings per share. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 7th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.20%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.