Emerald Mutual Fund Advisers Trust Grows Holdings in Pinnacle Financial Partners, Inc. $PNFP

Emerald Mutual Fund Advisers Trust grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 51.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 12,883 shares of the financial services provider’s stock after acquiring an additional 4,401 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in Pinnacle Financial Partners were worth $1,422,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Jennison Associates LLC raised its position in Pinnacle Financial Partners by 6.7% in the second quarter. Jennison Associates LLC now owns 686,744 shares of the financial services provider’s stock valued at $75,823,000 after purchasing an additional 43,162 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Pinnacle Financial Partners by 2.3% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 10,492 shares of the financial services provider’s stock valued at $1,158,000 after buying an additional 238 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of Pinnacle Financial Partners by 6.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 18,748 shares of the financial services provider’s stock valued at $2,070,000 after buying an additional 1,057 shares during the period. Bessemer Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 4.6% in the 2nd quarter. Bessemer Group Inc. now owns 203,534 shares of the financial services provider’s stock valued at $22,473,000 after buying an additional 8,879 shares during the period. Finally, AlphaQuest LLC purchased a new stake in shares of Pinnacle Financial Partners in the 2nd quarter valued at $417,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director G Kennedy Thompson bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 20th. The shares were purchased at an average price of $87.63 per share, with a total value of $438,150.00. Following the completion of the acquisition, the director directly owned 33,372 shares of the company’s stock, valued at $2,924,388.36. This represents a 17.62% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.46% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Cowen assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Stephens cut their target price on shares of Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Friday, October 17th. Keefe, Bruyette & Woods cut their target price on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 13th. Finally, Truist Financial cut their price objective on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Hold” and an average target price of $110.27.

Pinnacle Financial Partners Stock Up 0.3%

PNFP stock opened at $84.66 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91. The company’s 50 day moving average price is $93.21 and its 200 day moving average price is $100.15. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $6.57 billion, a price-to-earnings ratio of 10.76 and a beta of 1.02.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The company had revenue of $544.80 million for the quarter, compared to the consensus estimate of $526.40 million. During the same period in the prior year, the firm posted $1.86 EPS. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is 12.20%.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.