Carlson Capital L.P. Buys New Position in Pinnacle Financial Partners, Inc. $PNFP

Carlson Capital L.P. purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 60,134 shares of the company’s stock, valued at approximately $5,180,000. Pinnacle Financial Partners comprises 1.6% of Carlson Capital L.P.’s holdings, making the stock its 2nd biggest holding.

Several other institutional investors have also added to or reduced their stakes in PNFP. Resources Management Corp CT ADV acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at about $26,000. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter worth approximately $26,000. High Point Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 4th quarter worth approximately $27,000. BOKF NA grew its position in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Finally, Activest Wealth Management purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP opened at $105.35 on Friday. The company has a fifty day moving average price of $98.77. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00. The firm has a market cap of $8.17 billion, a PE ratio of 14.47, a P/E/G ratio of 0.42 and a beta of 1.04. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm 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. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the purchase, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PNFP shares. UBS Group raised their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. DA Davidson boosted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a research note on Monday. Finally, Truist Financial lifted their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average price target of $117.00.

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.