Pinnacle Financial Partners, Inc. $PNFP Shares Sold by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC lowered its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 17.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 48,113 shares of the company’s stock after selling 9,903 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Pinnacle Financial Partners were worth $4,854,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Yousif Capital Management LLC raised its holdings in Pinnacle Financial Partners by 92.4% during the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company’s stock worth $4,519,000 after purchasing an additional 22,306 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after purchasing an additional 8,927 shares in the last quarter. M&T Bank Corp increased its position in Pinnacle Financial Partners by 283.3% during the 4th quarter. M&T Bank Corp now owns 27,583 shares of the company’s stock worth $2,632,000 after purchasing an additional 20,386 shares during the period. Impax Asset Management Group plc increased its position in Pinnacle Financial Partners by 21.0% during the 4th quarter. Impax Asset Management Group plc now owns 421,413 shares of the company’s stock worth $41,298,000 after purchasing an additional 73,176 shares during the period. Finally, Harbor Advisors LLC purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $1,034,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

PNFP opened at $104.75 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The firm has a market cap of $8.13 billion, a PE ratio of 14.39, a P/E/G ratio of 0.42 and a beta of 1.03. The stock has a 50 day moving average price of $99.69. 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 (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. Research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Insider Activity

In other news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was acquired at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the purchase, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on PNFP. Robert W. Baird began coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target for the company. Citigroup upped their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Benchmark increased their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday. TD Cowen boosted their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Finally, Truist Financial increased their price target on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and an average price target of $117.29.

Pinnacle Financial Partners Profile

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.