Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Advisors Capital Management LLC

Advisors Capital Management LLC boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 8.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,981 shares of the financial services provider’s stock after buying an additional 2,513 shares during the quarter. Advisors Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $3,285,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Focus Partners Wealth lifted its holdings in Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the financial services provider’s stock worth $504,000 after buying an additional 581 shares in the last quarter. SageView Advisory Group LLC lifted its holdings in Pinnacle Financial Partners by 22.0% in the 1st quarter. SageView Advisory Group LLC now owns 3,346 shares of the financial services provider’s stock worth $355,000 after buying an additional 603 shares in the last quarter. SCS Capital Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $527,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Pinnacle Financial Partners by 7.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 272,928 shares of the financial services provider’s stock worth $28,941,000 after purchasing an additional 18,456 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $526,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 10,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $85.65 per share, with a total value of $856,500.00. Following the transaction, the director directly owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $84.94 per share, with a total value of $84,940.00. Following the transaction, the director owned 28,277 shares in the company, valued at $2,401,848.38. The trade was a 3.67% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 12,174 shares of company stock valued at $1,047,079 in the last quarter. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ:PNFP opened at $97.36 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The firm has a 50-day simple moving average of $99.84 and a 200 day simple moving average of $102.78. The company has a market cap of $7.55 billion, a PE ratio of 12.91 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the prior year, the firm earned $1.63 EPS. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners’s dividend payout ratio is currently 12.73%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PNFP. Truist Financial reissued a “buy” rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Wells Fargo & Company dropped their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an “equal weight” rating for the company in a research report on Friday, July 25th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Hovde Group downgraded shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Stephens dropped their target price on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 29th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Hold” and an average price target of $113.50.

About Pinnacle Financial Partners

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.