Intech Investment Management LLC Increases Position in Pinnacle Financial Partners, Inc. $PNFP

Intech Investment Management LLC increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 15.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,610 shares of the financial services provider’s stock after acquiring an additional 886 shares during the quarter. Intech Investment Management LLC’s holdings in Pinnacle Financial Partners were worth $730,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of PNFP. 1248 Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the first quarter worth $29,000. Spurstone Advisory Services LLC purchased a new position in Pinnacle Financial Partners during the second quarter worth about $41,000. Ameritas Advisory Services LLC purchased a new position in Pinnacle Financial Partners during the second quarter worth about $45,000. True Wealth Design LLC boosted its stake in Pinnacle Financial Partners by 1,778.3% in the 2nd quarter. True Wealth Design LLC now owns 432 shares of the financial services provider’s stock worth $48,000 after buying an additional 409 shares during the last quarter. Finally, SVB Wealth LLC purchased a new stake in Pinnacle Financial Partners in the 1st quarter valued at about $51,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director G Kennedy Thompson purchased 5,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was purchased at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the acquisition, the director directly owned 33,372 shares in the company, valued at $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $91.92 on Thursday. The firm’s fifty day simple moving average is $89.62 and its 200 day simple moving average is $98.53. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $130.31. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 11.68 and a beta of 1.12.

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

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $0.96 annualized dividend and a yield of 1.0%. Pinnacle Financial Partners’s payout ratio is 12.20%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. TD Cowen initiated coverage on shares of Pinnacle Financial Partners in a research report on Thursday, September 25th. They issued a “buy” rating and a $122.00 target price on the stock. Cowen began coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating for the company in a research note on Wednesday, August 13th. Truist Financial dropped their price objective on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a report on Friday, October 17th. Finally, UBS Group reduced their target price on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of “Hold” and a consensus target price of $109.55.

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.