Quantinno Capital Management LP Raises Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Quantinno Capital Management LP boosted its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 45.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 227,891 shares of the company’s stock after purchasing an additional 71,076 shares during the period. Quantinno Capital Management LP owned approximately 0.29% of Pinnacle Financial Partners worth $19,631,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PNFP. AQR Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 63.1% in the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after buying an additional 2,062,504 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after acquiring an additional 2,244,659 shares during the period. State Street Corp increased its position in Pinnacle Financial Partners by 5.5% during the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after acquiring an additional 179,819 shares during the last quarter. Wellington Management Group LLP increased its position in Pinnacle Financial Partners by 42.2% during the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Finally, Invesco Ltd. increased its position in Pinnacle Financial Partners by 9.6% during the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock valued at $208,765,000 after acquiring an additional 191,292 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNFP has been the topic of several research reports. Truist Financial raised their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. UBS Group increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Piper Sandler raised their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Pinnacle Financial Partners Trading Up 0.5%

Pinnacle Financial Partners stock opened at $105.35 on Friday. The business has a 50 day moving average price of $98.77. The stock has a market cap of $8.17 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $107.00. 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 issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion for 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, analysts predict that Pinnacle Financial Partners, Inc. will post 10.2 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 issued a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The stock was acquired at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the purchase, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners 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.