Summit Asset Management LLC Buys Shares of 6,902 Pinnacle Financial Partners, Inc. $PNFP

Summit Asset Management LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,902 shares of the company’s stock, valued at approximately $696,000.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on PNFP. TD Cowen lifted their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Finally, Benchmark boosted their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $118.35.

Pinnacle Financial Partners Stock Up 0.7%

Shares of NYSE PNFP opened at $107.94 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $8.37 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 0.43 and a beta of 1.03. The business’s fifty day moving average is $100.77. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. The firm 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%. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M Terry Turner sold 2,737 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $108.01, for a total transaction of $295,623.37. Following the completion of the sale, the insider owned 422,614 shares in the company, valued at approximately $45,646,538.14. The trade was a 0.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company’s stock in a transaction on Friday, July 24th. The stock was acquired 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 of the company’s stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 1.30% of the company’s stock.

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.