8,912 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Commerce Bank

Commerce Bank acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 8,912 shares of the company’s stock, valued at approximately $899,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. bought a new position in Pinnacle Financial Partners during the 2nd quarter worth approximately $935,000. Quantbot Technologies LP acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $1,118,000. Evolve Private Wealth LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $308,000. De Lisle Partners LLP acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at approximately $593,000. Finally, Westpac Banking Corp bought a new position in Pinnacle Financial Partners during the second quarter worth $238,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity

In related news, insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the sale, the insider directly owned 248,123 shares in the company, valued at $26,829,539.99. This trade represents a 17.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of Pinnacle Financial Partners stock in a transaction on Friday, July 24th. The shares were purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on PNFP. Evercore reaffirmed an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 6th. TD Cowen increased their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. DA Davidson raised their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Finally, Benchmark boosted their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus target price of $118.35.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $101.75 on Thursday. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The stock’s fifty day moving average is $101.92. The company has a market cap of $7.89 billion, a P/E ratio of 13.98, a P/E/G ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results 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. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. As a group, research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) 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.