Pacer Advisors Inc. Buys 8,676 Shares of Pinnacle Financial Partners, Inc. $PNFP

Pacer Advisors Inc. boosted its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 94.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,876 shares of the company’s stock after purchasing an additional 8,676 shares during the quarter. Pacer Advisors Inc.’s holdings in Pinnacle Financial Partners were worth $1,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Southern Financial Group LLC purchased a new position in Pinnacle Financial Partners in the 1st quarter worth approximately $288,000. Empowered Funds LLC purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $274,000. FAS Wealth Partners Inc. bought a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth $378,000. NewEdge Advisors LLC lifted its holdings in shares of Pinnacle Financial Partners by 145.2% during the 1st quarter. NewEdge Advisors LLC now owns 47,848 shares of the company’s stock worth $4,122,000 after acquiring an additional 28,334 shares during the last quarter. Finally, Caerus Investment Advisors LLC purchased a new position in Pinnacle Financial Partners in the first quarter worth $583,000. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PNFP shares. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. TD Cowen increased their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, July 27th. DA Davidson raised their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Piper Sandler upped their target price on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Finally, Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $117.29.

Pinnacle Financial Partners Trading Down 1.6%

Shares of NYSE:PNFP opened at $104.75 on Friday. The company’s 50-day moving average is $99.69. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The company has a market capitalization of $8.13 billion, a PE ratio of 14.39, a P/E/G ratio of 0.42 and a beta of 1.03. 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 released its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the business’s stock in a transaction dated Friday, July 24th. The shares were purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.30% of the company’s stock.

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.