Proficio Capital Partners LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Proficio Capital Partners LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFPFree Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,582 shares of the company’s stock, valued at approximately $765,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Pinnacle Financial Partners by 122.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after purchasing an additional 8,927 shares during the period. BlackRock Inc. acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth $1,704,708,000. Man Group plc acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth $19,969,000. Harbor Advisors LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $1,034,000. Finally, Hsbc Holdings PLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $2,574,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. TD Cowen increased their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Wells Fargo & Company boosted their price objective on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Benchmark upped their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Piper Sandler raised their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, DA Davidson raised their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Two research 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 stock. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus target price of $118.35.

Get Our Latest Stock Analysis on Pinnacle Financial Partners

Pinnacle Financial Partners Stock Down 3.0%

NYSE:PNFP opened at $97.02 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The business’s 50-day moving average price is $102.20. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.40 and a beta of 1.01.

Pinnacle Financial Partners (NYSE:PNFPGet Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate 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 business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the transaction, the insider owned 248,123 shares of the company’s stock, valued at $26,829,539.99. The trade was a 17.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction dated Friday, July 24th. The shares were bought 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 in the company, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold a total of 177,228 shares of company stock valued at $19,153,713 over the last 90 days. Corporate insiders own 1.30% of the company’s stock.

About Pinnacle Financial Partners

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Pinnacle Financial Partners (NYSE:PNFP)

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