Renaissance Technologies LLC Purchases New Holdings in Pinnacle Financial Partners, Inc. $PNFP

Renaissance Technologies LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 188,800 shares of the company’s stock, valued at approximately $16,263,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at $26,000. High Point Wealth Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth $27,000. BOKF NA increased its position in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the period. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its stake in Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after purchasing an additional 173 shares in the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNFP has been the subject of several recent analyst reports. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler raised their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Evercore restated an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. UBS Group upped 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. Finally, Benchmark reduced their price target on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the business’s 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 directly owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Up 0.5%

Pinnacle Financial Partners stock opened at $105.35 on Friday. 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 has a market capitalization of $8.17 billion, a PE ratio of 14.47, a PEG ratio of 0.42 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $107.00. The company has a 50-day simple moving average of $98.77.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 10.2 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 27.47%.

About Pinnacle Financial Partners

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.