Brooks Moore & Associates Inc. Invests $3.20 Million in Pinnacle Financial Partners, Inc. $PNFP

Brooks Moore & Associates Inc. purchased a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 31,765 shares of the company’s stock, valued at approximately $3,204,000. Pinnacle Financial Partners accounts for about 1.4% of Brooks Moore & Associates Inc.’s portfolio, making the stock its 23rd largest holding.

Several other hedge funds have also recently bought and sold shares of the company. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners in the third quarter valued at $26,000. Resources Management Corp CT ADV acquired a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $26,000. BOKF NA raised its stake in shares of 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 buying an additional 265 shares during the last quarter. Activest Wealth Management purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth about $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 97.7% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock worth $30,000 after buying an additional 173 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PNFP shares. JPMorgan Chase & Co. lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Benchmark lifted their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Evercore reaffirmed an “outperform” rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Citigroup increased their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Two equities research 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 company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction 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 purchase, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. This trade represents a 3.19% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider M Terry Turner sold 54,107 shares of the firm’s 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 sale, the insider owned 248,123 shares in the company, valued at $26,829,539.99. This trade represents a 17.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by company insiders.

Pinnacle Financial Partners Trading Down 0.5%

Pinnacle Financial Partners stock opened at $101.12 on Friday. The stock’s 50-day moving average is $102.01. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The stock has a market cap of $7.84 billion, a PE ratio of 13.89, a PEG ratio of 0.41 and a beta of 1.03. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors 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 yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 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.