NewEdge Advisors LLC Has $4.12 Million Position in Pinnacle Financial Partners, Inc. $PNFP

NewEdge Advisors LLC grew its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 145.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,848 shares of the company’s stock after purchasing an additional 28,334 shares during the period. NewEdge Advisors LLC owned approximately 0.06% of Pinnacle Financial Partners worth $4,122,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the 3rd quarter valued at about $26,000. High Point Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at about $27,000. BOKF NA lifted its position in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after purchasing an additional 265 shares in the last quarter. Activest Wealth Management purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth approximately $28,000. Finally, Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners during the first quarter worth approximately $26,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity

In other news, insider M Terry Turner sold 2,737 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $108.01, for a total transaction of $295,623.37. Following the transaction, the insider owned 422,614 shares of the company’s stock, valued at approximately $45,646,538.14. This represents a 0.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. This represents a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.30% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Up 0.9%

NYSE PNFP opened at $106.66 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market capitalization of $8.27 billion, a PE ratio of 14.65, a PEG ratio of 0.42 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The company has a 50 day simple moving average of $100.32.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. As a group, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders 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 is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. 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. Benchmark boosted their price target on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, DA Davidson increased their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. 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 company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

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.