7,582 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,582 shares of the company’s stock, valued at approximately $765,000.

Several other hedge funds also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Pinnacle Financial Partners by 1.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after buying an additional 116 shares during the period. Villanova Investment Management Co LLC raised its position in Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after buying an additional 118 shares during the last quarter. Simplicity Wealth LLC boosted its holdings in Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares during the last quarter. Graham Capital Management L.P. boosted its holdings in Pinnacle Financial Partners by 0.7% during the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock worth $2,115,000 after purchasing an additional 146 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Pinnacle Financial Partners by 3.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock valued at $486,000 after acquiring an additional 158 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the transaction, the insider directly owned 248,123 shares of the company’s stock, valued at $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 177,228 shares of company stock valued at $19,153,713. 1.30% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock 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 50-day simple moving average of $101.92. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The company has a market capitalization of $7.89 billion, a PE ratio of 13.98, a PEG ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly 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. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Analyst Ratings Changes

Several brokerages recently commented on PNFP. TD Cowen increased their price target on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a report on Monday, July 27th. Citigroup upped their price target 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. Evercore restated an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average 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.