SCS Capital Management LLC Takes Position in Pinnacle Financial Partners, Inc. $PNFP

SCS Capital Management LLC bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, Holdings Channel.com reports. The fund bought 8,479 shares of the company’s stock, valued at approximately $855,000.

Several other large investors have also recently added to or reduced their stakes in PNFP. AQR Capital Management LLC grew its holdings in Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after buying an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after acquiring an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Pinnacle Financial Partners during the 3rd quarter worth about $187,822,000. Alyeska Investment Group L.P. purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth about $159,545,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Pinnacle Financial Partners in the second quarter worth approximately $133,031,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

NYSE PNFP opened at $107.94 on Monday. 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, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 14.83, a P/E/G ratio of 0.43 and a beta of 1.03. The company has a 50-day moving average price of $100.77.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm 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 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. bought 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider M Terry Turner sold 2,737 shares of the company’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $108.01, for a total transaction of $295,623.37. Following the sale, the insider directly owned 422,614 shares of the company’s stock, valued at approximately $45,646,538.14. This trade represents a 0.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on PNFP. Piper Sandler boosted their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Wells Fargo & Company increased their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target on the stock. Truist Financial lifted their price target on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, UBS Group boosted their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

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.