WINTON GROUP Ltd Raises Position in Pinnacle Financial Partners, Inc. $PNFP

WINTON GROUP Ltd lifted its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 9.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 73,864 shares of the company’s stock after acquiring an additional 6,299 shares during the period. WINTON GROUP Ltd’s holdings in Pinnacle Financial Partners were worth $7,451,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Pinnacle Financial Partners by 122.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock worth $1,544,000 after acquiring an additional 8,927 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $4,292,000. BlackRock Inc. acquired a new position in Pinnacle Financial Partners during the second quarter worth approximately $1,704,708,000. Man Group plc acquired a new position in Pinnacle Financial Partners during the second quarter worth approximately $19,969,000. Finally, Harbor Advisors LLC purchased a new position in Pinnacle Financial Partners during the first quarter worth approximately $1,034,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PNFP. Evercore reiterated an “outperform” rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Benchmark upped their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Wells Fargo & Company increased their target price on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. JPMorgan Chase & Co. reduced their target price 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. Finally, DA Davidson boosted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $119.39.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was bought at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair bought 2,565 shares of the stock in a transaction dated Tuesday, September 1st. The stock was bought at an average price of $97.48 per share, with a total value of $250,036.20. Following the purchase, the chief executive officer owned 152,397 shares of the company’s stock, valued at approximately $14,855,659.56. This represents a 1.71% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock valued at $19,153,713 over the last three months. 1.30% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Down 1.5%

PNFP opened at $99.15 on Thursday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The stock’s 50 day simple moving average is $102.29. The stock has a market capitalization of $7.69 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.40 and a beta of 1.01. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates 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%. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

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.