12,252 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Bull Harbor Capital LLC

Bull Harbor Capital LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 12,252 shares of the company’s stock, valued at approximately $1,055,000.

Other hedge funds have also bought and sold shares of the company. Resources Management Corp CT ADV purchased a new position in shares of Pinnacle Financial Partners in the first quarter worth $26,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners during the third quarter valued at $26,000. High Point Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter valued at $27,000. BOKF NA increased its position in shares of 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 acquiring an additional 265 shares during the period. Finally, Activest Wealth Management purchased a new position in Pinnacle Financial Partners in the 4th quarter worth $28,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity

In related news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction dated Friday, July 24th. The shares were purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Piper Sandler lifted their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. DA Davidson increased their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, July 24th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, July 24th. TD Cowen raised their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $117.00.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $104.66 on Thursday. The stock has a market capitalization of $8.12 billion, a PE ratio of 14.38, a PEG ratio of 0.42 and a beta of 1.04. The business’s fifty day simple moving average is $98.45. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating 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 company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be issued 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 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.