Sanctuary Advisors LLC Invests $2.90 Million in Pinnacle Financial Partners, Inc. $PNFP

Sanctuary Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 28,766 shares of the company’s stock, valued at approximately $2,902,000.

Other institutional investors also recently modified their holdings of the company. Resources Management Corp CT ADV bought a new stake in Pinnacle Financial Partners in the 1st quarter worth about $26,000. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $26,000. BOKF NA lifted its stake in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares during the period. Activest Wealth Management purchased a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at about $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of Pinnacle Financial Partners by 97.7% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after acquiring an additional 173 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. DA Davidson lifted their target price on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Citigroup boosted their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Finally, Piper Sandler increased their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider M Terry Turner sold 66,783 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the sale, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction on Friday, July 24th. The shares were purchased at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, 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 disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have sold 177,228 shares of company stock valued at $19,153,713. 1.30% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $100.91 on Wednesday. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The business has a fifty day moving average of $101.79. The company has a market cap of $7.83 billion, a PE ratio of 13.86, a P/E/G ratio of 0.40 and a beta of 1.03. 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 released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. The business 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%. 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. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 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.