NewEdge Advisors LLC Grows Stake in Pinnacle Financial Partners, Inc. $PNFP

NewEdge Advisors LLC grew its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 10.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,910 shares of the company’s stock after purchasing an additional 5,062 shares during the quarter. NewEdge Advisors LLC owned 0.07% of Pinnacle Financial Partners worth $5,338,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Resources Management Corp CT ADV purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at about $26,000. International Assets Investment Management LLC purchased a new position in Pinnacle Financial Partners in the 4th quarter worth approximately $33,000. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in 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 acquiring an additional 173 shares during the period. Basecamp Wealth Advisors LLC grew its position in Pinnacle Financial Partners by 112.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company’s stock valued at $34,000 after acquiring an additional 211 shares in the last quarter. Finally, Leonteq Securities AG acquired a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $38,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.8%

Shares of PNFP opened at $100.08 on Tuesday. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. 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 50 day simple moving average of $102.28. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.17 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

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 dated 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 owned 324,233 shares of the company’s stock, 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. Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction dated 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 transaction, the insider owned 248,123 shares of the company’s stock, valued at $26,829,539.99. This trade 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 purchased 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. DA Davidson lifted their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Finally, Benchmark boosted their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $119.39.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.