Ground Swell Capital LLC Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Ground Swell Capital LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 14,042 shares of the company’s stock, valued at approximately $1,340,000. Pinnacle Financial Partners comprises approximately 2.8% of Ground Swell Capital LLC’s holdings, making the stock its 2nd largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNFP. AQR Capital Management LLC lifted its stake in Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after acquiring an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pinnacle Financial Partners by 6.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,680,171 shares of the company’s stock worth $251,376,000 after purchasing an additional 163,269 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Pinnacle Financial Partners by 51.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock worth $202,281,000 after purchasing an additional 728,975 shares during the last quarter. Nomura Holdings Inc. bought a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $187,822,000. Finally, Bank of America Corp DE lifted its stake in Pinnacle Financial Partners by 66.8% in the 3rd quarter. Bank of America Corp DE now owns 828,944 shares of the company’s stock valued at $77,747,000 after purchasing an additional 332,092 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 12th. The stock was bought at an average price of $94.52 per share, with a total value of $94,520.00. Following the completion of the transaction, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. The trade was a 2.06% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on PNFP. JPMorgan Chase & Co. lifted their price target on Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Raymond James Financial restated a “strong-buy” rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. UBS Group raised their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. TD Cowen reduced their target price on Pinnacle Financial Partners from $125.00 to $121.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Finally, Stephens increased their price target on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $115.19.

Pinnacle Financial Partners Stock Up 0.1%

Shares of PNFP stock opened at $96.59 on Wednesday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $120.46. The firm has a market capitalization of $7.49 billion, a P/E ratio of 13.40, a PEG ratio of 0.37 and a beta of 1.06. The stock’s 50 day moving average is $90.89. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90.

Pinnacle Financial Partners (NYSE:PNFP) last announced its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.74%.

About Pinnacle Financial Partners

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.