Simplicity Wealth LLC Acquires Shares of 8,995 Pinnacle Financial Partners, Inc. $PNFP

Simplicity Wealth LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 8,995 shares of the company’s stock, valued at approximately $907,000.

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

Insider Buying and Selling

In other news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction on Friday, July 24th. The shares were acquired at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider M Terry Turner sold 2,737 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $108.01, for a total value of $295,623.37. Following the completion of the sale, the insider owned 422,614 shares of the company’s stock, valued at $45,646,538.14. The trade was a 0.64% decrease in their position. The SEC filing for this sale provides additional information. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PNFP has been the subject of several research analyst reports. Truist Financial raised their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. DA Davidson raised their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Stock Performance

PNFP stock opened at $107.94 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market cap of $8.37 billion, a P/E ratio of 14.83, a price-to-earnings-growth ratio of 0.43 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The business’s fifty day moving average price is $100.77.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Pinnacle Financial Partners 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.