Corient Private Wealth LP Buys New Stake in Pinnacle Financial Partners, Inc. $PNFP

Corient Private Wealth LP bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 19,645 shares of the company’s stock, valued at approximately $1,982,000.

Several other hedge funds also recently bought and sold shares of PNFP. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners in the third quarter worth $26,000. BOKF NA boosted its stake in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after acquiring an additional 265 shares during the last quarter. Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners during the first quarter valued at $26,000. CIBC Private Wealth Group LLC increased its position in Pinnacle Financial Partners by 175.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

PNFP has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Truist Financial raised their price target on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target for the company. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target of $118.35.

Insider Activity

In related news, CEO Kevin S. Blair bought 2,565 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was purchased at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the acquisition, the chief executive officer owned 152,397 shares in the company, valued at $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider M Terry Turner sold 66,783 shares of the business’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 completion of the sale, the insider owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 177,228 shares of company stock valued at $19,153,713 in the last 90 days. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Stock Up 3.1%

Shares of NYSE:PNFP opened at $100.08 on Thursday. The stock has a market capitalization of $7.76 billion, a P/E ratio of 13.75, a P/E/G ratio of 0.39 and a beta of 1.01. The firm has a fifty day simple moving average of $102.26. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94.

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, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. 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.