Private Management Group Inc. Buys 120,311 Shares of Pinnacle Financial Partners, Inc. $PNFP

Private Management Group Inc. increased its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 96.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 245,160 shares of the company’s stock after buying an additional 120,311 shares during the quarter. Private Management Group Inc.’s holdings in Pinnacle Financial Partners were worth $22,994,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners in the third quarter worth approximately $26,000. BOKF NA raised its position 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 valued at $27,000 after purchasing an additional 265 shares during the period. Covestor Ltd lifted its stake in shares of Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the company’s stock valued at $32,000 after buying an additional 223 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter valued at $38,000. Finally, Quent Capital LLC bought a new position in Pinnacle Financial Partners in the 3rd quarter worth $34,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.9%

Shares of PNFP stock opened at $82.83 on Friday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $120.46. The firm has a market capitalization of $6.43 billion, a price-to-earnings ratio of 10.24, a P/E/G ratio of 0.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 6th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners’s payout ratio is 24.72%.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PNFP shares. Weiss Ratings started coverage on Pinnacle Financial Partners in a research note on Monday. They issued a “hold (c+)” rating for the company. Barclays upped their price objective on Pinnacle Financial Partners from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. UBS Group set a $106.00 target price on Pinnacle Financial Partners in a research report on Wednesday, February 4th. Truist Financial set a $100.00 target price on Pinnacle Financial Partners in a research note on Friday, January 9th. Finally, Keefe, Bruyette & Woods boosted their price target on Pinnacle Financial Partners from $95.00 to $100.00 and gave the stock a “market perform” rating in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.41.

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.