OneDigital Investment Advisors LLC Acquires Shares of 5,193 Pinnacle Financial Partners, Inc. $PNFP

OneDigital Investment Advisors LLC bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, HoldingsChannel.com reports. The fund bought 5,193 shares of the company’s stock, valued at approximately $524,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. AQR Capital Management LLC boosted its stake in shares of Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after purchasing an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth about $187,822,000. Alyeska Investment Group L.P. purchased a new position in Pinnacle Financial Partners in the 4th quarter worth about $159,545,000. Finally, Bank of New York Mellon Corp bought a new stake in Pinnacle Financial Partners during the 2nd quarter valued at about $133,031,000. 87.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider M Terry Turner sold 66,783 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the sale, the insider owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 177,228 shares of company stock valued at $19,153,713 in the last three months. 1.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PNFP. Piper Sandler boosted their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Citigroup boosted their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Finally, Wells Fargo & Company increased their price objective on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $104.63 on Wednesday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The business has a 50-day simple moving average of $101.17. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 0.43 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

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.