Polar Asset Management Partners Inc. Invests $25.67 Million in Pinnacle Financial Partners, Inc. $PNFP

Polar Asset Management Partners Inc. bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 254,471 shares of the company’s stock, valued at approximately $25,671,000.

A number of other institutional investors have also made changes to their positions in the business. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $26,000. BOKF NA increased its position in Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares in the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $28,000. Resources Management Corp CT ADV bought a new position in shares of Pinnacle Financial Partners in the first quarter worth about $26,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Pinnacle Financial Partners by 175.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PNFP shares. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, Truist Financial lifted their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $100.91 on Wednesday. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The business’s 50 day simple moving average is $101.79. 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 firm has a market cap of $7.83 billion, a PE ratio of 13.86, 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 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 business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share 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. Shareholders 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 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider M Terry Turner sold 66,783 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares in the company, valued at $32,643,862.30. This trade represents a 18.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was 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 of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 177,228 shares of company stock worth $19,153,713 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

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.