Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 96.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,374 shares of the company’s stock after acquiring an additional 45,301 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.12% of Pinnacle Financial Partners worth $9,032,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock worth $306,474,000 after purchasing an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in Pinnacle Financial Partners in the third quarter worth about $187,822,000. Norges Bank acquired a new stake in Pinnacle Financial Partners in the second quarter worth about $113,461,000. Wellington Management Group LLP grew its position in Pinnacle Financial Partners by 51.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock valued at $202,281,000 after buying an additional 728,975 shares in the last quarter. Finally, Pentwater Capital Management LP acquired a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $42,538,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 2.1%

Shares of NYSE:PNFP opened at $82.94 on Friday. The firm has a market cap of $6.43 billion, a PE ratio of 10.25, a P/E/G ratio of 0.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 6th were given a $0.50 dividend. The ex-dividend date was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 24.72%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PNFP shares. Evercore reiterated an “outperform” rating on shares of Pinnacle Financial Partners in a report on Thursday, February 5th. Wall Street Zen downgraded Pinnacle Financial Partners from a “hold” rating to a “sell” rating in a research note on Thursday. Raymond James Financial restated a “strong-buy” rating on shares of Pinnacle Financial Partners in a report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their target price on Pinnacle Financial Partners from $95.00 to $100.00 and gave the stock a “market perform” rating in a report on Friday, January 9th. Finally, Piper Sandler upped their price target on shares of Pinnacle Financial Partners from $120.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $113.41.

Insiders Place Their Bets

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The shares were purchased at an average price of $94.52 per share, with a total value of $94,520.00. Following the purchase, the chief financial officer owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This trade represents a 2.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.46% of the company’s stock.

About Pinnacle Financial Partners

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.