Sumitomo Mitsui Trust Group Inc. Purchases 30,451 Shares of Pinnacle Financial Partners, Inc. $PNFP

Sumitomo Mitsui Trust Group Inc. raised its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 9.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 364,045 shares of the company’s stock after buying an additional 30,451 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.47% of Pinnacle Financial Partners worth $34,078,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PNFP. Resources Management Corp CT ADV purchased a new stake in shares of Pinnacle Financial Partners during the first quarter worth about $26,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Pinnacle Financial Partners in the third quarter valued at about $32,000. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after purchasing an additional 173 shares during the last quarter. Basecamp Wealth Advisors LLC boosted its holdings in Pinnacle Financial Partners by 112.2% in the first quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company’s stock valued at $34,000 after purchasing an additional 211 shares during the last quarter. Finally, Leonteq Securities AG acquired a new stake in Pinnacle Financial Partners during the 1st quarter valued at approximately $38,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PNFP shares. Morgan Stanley lifted their price objective on Pinnacle Financial Partners from $139.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, October 23rd. Robert W. Baird upped their target price 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 target price for the company in a research note on Wednesday, September 30th. JPMorgan Chase & Co. raised their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Finally, Evercore reissued an “outperform” rating on shares of Pinnacle Financial Partners in a research report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus target price of $120.15.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $101.51 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.93 and a debt-to-equity ratio of 0.72. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The firm has a 50-day simple moving average of $97.67 and a 200 day simple moving average of $96.95. The company has a market cap of $7.87 billion, a PE ratio of 13.55, a P/E/G ratio of 0.40 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $1.28 billion. On average, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 6th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio is 26.70%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director Gregory G. Montana acquired 500 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, September 10th. The stock was acquired at an average price of $98.61 per share, for a total transaction of $49,305.00. Following the transaction, the director directly owned 4,959 shares of the company’s stock, valued at $489,006.99. This trade represents a 11.21% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David B. Ingram bought 10,000 shares of the company’s stock in a transaction on Wednesday, October 28th. The stock was bought at an average cost of $99.16 per share, for a total transaction of $991,600.00. Following the completion of the transaction, the director directly owned 75,182 shares of the company’s stock, valued at $7,455,047.12. This trade represents a 15.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 13,065 shares of company stock worth $1,290,941 and sold 179,491 shares worth $19,381,190. Company insiders own 1.30% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.