Basswood Capital Management L.L.C. Purchases Shares of 410,638 Pinnacle Financial Partners, Inc. $PNFP

Basswood Capital Management L.L.C. acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 410,638 shares of the company’s stock, valued at approximately $41,425,000. Pinnacle Financial Partners accounts for 1.6% of Basswood Capital Management L.L.C.’s holdings, making the stock its 18th biggest position. Basswood Capital Management L.L.C. owned approximately 0.53% of Pinnacle Financial Partners at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. lifted its position in Pinnacle Financial Partners by 122.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after buying an additional 8,927 shares during the period. BlackRock Inc. purchased a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth about $1,704,708,000. Harbor Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $1,034,000. Anchor Investment Management LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter worth about $1,156,000. Finally, Hsbc Holdings PLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter worth about $2,574,000. 87.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the purchase, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction on Monday, August 17th. The stock was sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider directly owned 248,123 shares of the company’s stock, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 177,228 shares of company stock worth $19,153,713. Company insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $101.75 on Thursday. 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 cap of $7.89 billion, a price-to-earnings ratio of 13.98, a P/E/G ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The company’s 50-day moving average price is $101.92.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of recent research reports. DA Davidson lifted their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. 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 research note on Friday, July 24th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Finally, Truist Financial boosted their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

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.