Processus Wealth & Capital Management LLC Buys Shares of 7,151 Pinnacle Financial Partners, Inc. $PNFP

Processus Wealth & Capital Management LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,151 shares of the company’s stock, valued at approximately $721,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners during the first quarter worth approximately $26,000. Brown Brothers Harriman & Co. acquired a new position in Pinnacle Financial Partners in the 3rd quarter valued at $26,000. High Point Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $27,000. BOKF NA lifted its stake in shares of Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares during the period. Finally, Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth $28,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider M Terry Turner sold 2,737 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $108.01, for a total transaction of $295,623.37. Following the completion of the sale, the insider owned 422,614 shares of the company’s stock, valued at approximately $45,646,538.14. This represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average price 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 $32,390,876.70. This trade represents a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Stock Up 0.9%

PNFP stock opened at $106.66 on Thursday. The firm has a market cap of $8.27 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 0.42 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. The business’s fifty day moving average price is $100.32. 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 issued its earnings results 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 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 analysts’ expectations of $1.24 billion. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PNFP. JPMorgan Chase & Co. lowered their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. DA Davidson increased their target price on 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 raised their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Benchmark lifted their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Wells Fargo & Company upped 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 research note on Monday. 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 company. Based on data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

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.