Westwood Holdings Group Inc. Purchases New Position in Pinnacle Financial Partners, Inc. $PNFP

Westwood Holdings Group Inc. bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 189,586 shares of the financial services provider’s stock, valued at approximately $20,932,000.

Several other large investors also recently added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS increased its position in shares of Pinnacle Financial Partners by 0.6% during the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider’s stock valued at $1,675,000 after purchasing an additional 100 shares during the last quarter. Sheets Smith Wealth Management lifted its holdings in Pinnacle Financial Partners by 1.8% during the 2nd quarter. Sheets Smith Wealth Management now owns 5,980 shares of the financial services provider’s stock valued at $660,000 after buying an additional 105 shares in the last quarter. Brooklyn Investment Group boosted its holdings in shares of Pinnacle Financial Partners by 15.3% in the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider’s stock valued at $88,000 after purchasing an additional 110 shares during the period. Park Avenue Securities LLC grew its position in shares of Pinnacle Financial Partners by 1.5% during the 2nd quarter. Park Avenue Securities LLC now owns 8,177 shares of the financial services provider’s stock worth $903,000 after buying an additional 121 shares in the last quarter. Finally, Amalgamated Bank increased its position in Pinnacle Financial Partners by 0.4% during the 2nd quarter. Amalgamated Bank now owns 35,195 shares of the financial services provider’s stock valued at $3,886,000 after purchasing an additional 133 shares during the period. 87.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of analyst reports. Citigroup decreased their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, July 25th. TD Cowen assumed coverage on Pinnacle Financial Partners in a research report on Thursday, September 25th. They set a “buy” rating and a $122.00 price target on the stock. Truist Financial lowered their price objective on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Pinnacle Financial Partners in a research report on Friday, October 31st. Finally, Keefe, Bruyette & Woods lowered their price target on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a report on Wednesday, August 13th. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $109.55.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 5,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was acquired at an average cost of $87.63 per share, for a total transaction of $438,150.00. Following the purchase, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. The trade was a 17.62% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $89.18 on Friday. The business has a fifty day moving average of $90.92 and a 200 day moving average of $99.40. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 11.33 and a beta of 1.12.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same quarter in the previous year, the business earned $1.86 EPS. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is 12.20%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.