StoneX Group Inc. Purchases 8,276 Shares of Pinnacle Financial Partners, Inc. $PNFP

StoneX Group Inc. purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,276 shares of the company’s stock, valued at approximately $803,000.

Several other large investors have also bought and sold shares of PNFP. Bank of America Corp DE bought a new position in shares of Pinnacle Financial Partners during the second quarter valued at about $70,269,000. Public Employees Retirement System of Ohio bought a new stake in Pinnacle Financial Partners in the 2nd quarter worth about $4,292,000. BlackRock Inc. bought a new stake in Pinnacle Financial Partners in the 2nd quarter worth about $1,704,708,000. Man Group plc purchased a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $19,969,000. Finally, Tectonic Advisors LLC increased its stake in Pinnacle Financial Partners by 44.0% in the 3rd quarter. Tectonic Advisors LLC now owns 115,947 shares of the company’s stock valued at $10,854,000 after buying an additional 35,453 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO Kevin S. Blair bought 2,565 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was acquired at an average cost of $97.48 per share, with a total value of $250,036.20. Following the completion of the transaction, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at $14,855,659.56. This represents a 1.71% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Allan E. Kamensky sold 5,000 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $104.62, for a total value of $523,100.00. Following the completion of the sale, the insider owned 43,940 shares in the company, valued at approximately $4,597,002.80. The trade was a 10.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders purchased 13,065 shares of company stock valued at $1,290,941 and sold 179,491 shares valued at $19,381,190. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of research analyst reports. Hovde Group began coverage on Pinnacle Financial Partners in a research note on Wednesday, September 16th. They issued an “outperform” rating and a $125.00 target price on the stock. Robert W. Baird increased their price target on Pinnacle Financial Partners from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Wells Fargo & Company upgraded Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price target on the stock in a report on Wednesday, September 30th. Weiss Ratings cut Pinnacle Financial Partners from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, October 29th. Finally, TD Cowen upped their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Friday, October 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.15.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $102.83 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $15.54 billion, a price-to-earnings ratio of 10.48, a P/E/G ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The firm’s 50-day simple moving average is $97.75 and its two-hundred day simple moving average is $97.04.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.07. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 10.25 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 6th will be paid a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is presently 26.70%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc. is a financial services company headquartered in Nashville, Tennessee. Founded in 2000, it operates Pinnacle Bank and provides banking and related financial services to individuals, businesses and other organizations. Its services include commercial and consumer banking, lending, treasury management, mortgage banking, wealth management, trust services and insurance. The company has built a regional presence across Tennessee and other Southeastern and Mid-Atlantic markets, including North Carolina, South Carolina, Georgia and Virginia.