Ieq Capital LLC Acquires Shares of 146,831 Pinnacle Financial Partners, Inc. $PNFP

Ieq Capital LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 146,831 shares of the company’s stock, valued at approximately $14,812,000. Ieq Capital LLC owned 0.19% of Pinnacle Financial Partners as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently modified their holdings of PNFP. Goldman Sachs Group Inc. raised its position in Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth grew its position in shares of Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after buying an additional 581 shares in the last quarter. Amundi increased its stake in shares of Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after buying an additional 4,369 shares during the period. Jump Financial LLC purchased a new position in shares of Pinnacle Financial Partners during the second quarter valued at $229,000. Finally, Cerity Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 4.2% in the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after acquiring an additional 1,039 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity

In other news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company’s stock in a transaction 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 purchase, the insider owned 324,233 shares in the company, valued at $32,390,876.70. This trade 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 is accessible through this hyperlink. Also, insider M Terry Turner sold 54,107 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the transaction, the insider directly owned 248,123 shares in the company, valued at $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 177,228 shares of company stock worth $19,153,713. Company insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.4%

PNFP stock opened at $102.37 on Friday. The stock has a 50 day moving average of $101.63. The firm has a market cap of $7.94 billion, a PE ratio of 14.06, a PEG ratio of 0.41 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, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data 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. 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 for the quarter, compared to analyst estimates of $1.24 billion. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Piper Sandler lifted their price objective 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. Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Wells Fargo & Company upped their target price on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Finally, Benchmark increased their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has an average 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.