Rayburn West Financial Services LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Rayburn West Financial Services LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 8,849 shares of the company’s stock, valued at approximately $893,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Pinnacle Financial Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after buying an additional 116 shares during the period. Villanova Investment Management Co LLC increased its position in shares of Pinnacle Financial Partners by 0.4% in the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after acquiring an additional 118 shares during the period. Simplicity Wealth LLC increased its position in shares of Pinnacle Financial Partners by 1.5% in the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after acquiring an additional 131 shares during the period. Graham Capital Management L.P. raised its stake in Pinnacle Financial Partners by 0.7% in the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock worth $2,115,000 after acquiring an additional 146 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Pinnacle Financial Partners by 3.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock worth $486,000 after acquiring an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of research reports. Truist Financial lifted their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Evercore reissued an “outperform” rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Finally, Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $118.35.

Insiders Place Their Bets

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The stock was bought at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider M Terry Turner sold 54,107 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the transaction, the insider owned 248,123 shares of the company’s stock, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 177,228 shares of company stock worth $19,153,713 over the last three months. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Trading Down 2.5%

Shares of NYSE:PNFP opened at $104.63 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The firm has a 50 day moving average of $101.17. The firm has a market capitalization of $8.12 billion, a P/E ratio of 14.37, a PEG ratio of 0.43 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

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.