Reliant Investment Management LLC Acquires New Stake in Pinnacle Financial Partners, Inc. $PNFP

Reliant Investment Management LLC bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 58,414 shares of the financial services provider’s stock, valued at approximately $5,479,000. Pinnacle Financial Partners comprises approximately 2.1% of Reliant Investment Management LLC’s portfolio, making the stock its 29th biggest holding.

Several other institutional investors also recently modified their holdings of PNFP. Oliver Luxxe Assets LLC lifted its position in Pinnacle Financial Partners by 6.5% during the third quarter. Oliver Luxxe Assets LLC now owns 51,535 shares of the financial services provider’s stock valued at $4,833,000 after purchasing an additional 3,153 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Pinnacle Financial Partners by 343.7% during the 3rd quarter. State of Alaska Department of Revenue now owns 38,282 shares of the financial services provider’s stock valued at $3,589,000 after buying an additional 29,655 shares in the last quarter. Lecap Asset Management Ltd. lifted its holdings in shares of Pinnacle Financial Partners by 296.5% during the 3rd quarter. Lecap Asset Management Ltd. now owns 9,072 shares of the financial services provider’s stock worth $851,000 after acquiring an additional 6,784 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Pinnacle Financial Partners by 151.8% during the 3rd quarter. SG Americas Securities LLC now owns 4,724 shares of the financial services provider’s stock worth $443,000 after acquiring an additional 2,848 shares during the last quarter. Finally, HB Wealth Management LLC grew its position in Pinnacle Financial Partners by 49.4% in the third quarter. HB Wealth Management LLC now owns 6,998 shares of the financial services provider’s stock worth $656,000 after acquiring an additional 2,314 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PNFP has been the subject of several research analyst reports. Bank of America initiated coverage on Pinnacle Financial Partners in a research note on Monday, December 8th. They set a “buy” rating and a $113.00 price target for the company. Barclays boosted their target price on Pinnacle Financial Partners from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, December 19th. Evercore Partners assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday. They set an “outperform” rating on the stock. Royal Bank Of Canada upgraded shares of Pinnacle Financial Partners to a “moderate buy” rating in a report on Monday, January 5th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.00.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total transaction of $630,075.00. Following the completion of the transaction, the chairman owned 202,505 shares of the company’s stock, valued at $18,832,965. This represents a 3.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director G Kennedy Thompson acquired 5,000 shares of the company’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $87.63 per share, with a total value of $438,150.00. Following the acquisition, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. This trade represents a 17.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock opened at $97.10 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $127.85. The company has a market capitalization of $7.53 billion, a P/E ratio of 12.34, a PEG ratio of 0.48 and a beta of 1.02. The stock has a 50 day moving average price of $94.15 and a two-hundred day moving average price of $96.44.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 EPS for the quarter, topping the consensus estimate 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 previous year, the firm earned $1.86 earnings per share. Analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Friday, November 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is 12.20%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc (NASDAQ: PNFP) is a financial services company headquartered in Nashville, Tennessee, that provides banking, wealth management and insurance solutions to business and consumer clients. The company operates through two primary segments—Banking and Wealth Management & Advisory—offering a comprehensive suite of products that includes commercial and consumer lending, deposit services, treasury management, trust and investment advisory, and insurance brokerage. Pinnacle’s client-focused model emphasizes relationship-based banking, leveraging local decision-making authority and specialized industry expertise to serve diverse sectors such as healthcare, technology, real estate and professional services.

In its banking segment, Pinnacle delivers commercial and consumer loans, lines of credit, equipment financing, and mortgage lending.