Jefferies Financial Group Inc. Purchases Shares of 152,534 Pinnacle Financial Partners, Inc. $PNFP

Jefferies Financial Group Inc. acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 152,534 shares of the company’s stock, valued at approximately $15,388,000.

Other hedge funds also recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $4,292,000. Capstone Investment Advisors LLC bought a new stake in Pinnacle Financial Partners during the second quarter worth approximately $915,000. Proficio Capital Partners LLC bought a new stake in Pinnacle Financial Partners during the second quarter worth approximately $765,000. Corient Private Wealth LP acquired a new position in Pinnacle Financial Partners in the second quarter worth approximately $1,982,000. Finally, Bank of America Corp DE acquired a new position in Pinnacle Financial Partners in the second quarter worth approximately $70,269,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP opened at $101.12 on Friday. The company has a 50 day moving average price of $102.01. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. 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 stock has a market cap of $7.84 billion, a P/E ratio of 13.89, a PEG ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data 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 net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNFP. Citigroup increased their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. DA Davidson boosted 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. Piper Sandler upped their target price on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, July 24th. JPMorgan Chase & Co. decreased their price target 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. Finally, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the transaction, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider directly owned 302,230 shares in the company, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.

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.