Meeder Advisory Services Inc. Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Meeder Advisory Services Inc. purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,150 shares of the company’s stock, valued at approximately $620,000.

Other large investors also recently made changes to their positions in the company. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners during the third quarter valued at approximately $26,000. High Point Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at approximately $27,000. BOKF NA increased its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after acquiring an additional 265 shares during the period. Activest Wealth Management acquired a new position in shares of Pinnacle Financial Partners during the fourth quarter worth approximately $28,000. Finally, Resources Management Corp CT ADV acquired a new position in shares of Pinnacle Financial Partners during the first quarter valued at $26,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $101.93 on Friday. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of 14.00, a P/E/G ratio of 0.41 and a beta of 1.03. The business’s fifty day moving average is $101.51. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate 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%. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be paid 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 is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Insider Activity at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was bought at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider M Terry Turner sold 54,107 shares of the business’s stock in a transaction that occurred 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 transaction, the insider directly owned 248,123 shares in the company, valued at $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 177,228 shares of company stock valued at $19,153,713. Company insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PNFP. TD Cowen boosted their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. dropped their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, July 24th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Finally, Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.