Capstone Investment Advisors LLC Buys New Holdings in Pinnacle Financial Partners, Inc. $PNFP

Capstone Investment Advisors LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 9,075 shares of the company’s stock, valued at approximately $915,000.

A number of other large investors have also bought and sold shares of PNFP. Resources Management Corp CT ADV bought a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $26,000. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $26,000. BOKF NA grew its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Pinnacle Financial Partners by 97.7% in the first 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 during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Evercore restated an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. TD Cowen increased their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Benchmark raised their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Pinnacle Financial Partners Stock Up 0.1%

Shares of PNFP stock opened at $101.08 on Friday. The business has a fifty day simple moving average of $102.11. 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 capitalization of $7.84 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate 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 business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Insider Activity

In related news, insider M Terry Turner sold 66,783 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the transaction, the insider owned 302,230 shares in the company, valued at $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last quarter. 1.30% of the stock is owned by corporate insiders.

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.