Pallas Capital Advisors LLC Buys Shares of 5,315 Pinnacle Financial Partners, Inc. $PNFP

Pallas Capital Advisors LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 5,315 shares of the company’s stock, valued at approximately $536,000.

A number of other hedge funds have also recently made changes to their positions in PNFP. AQR Capital Management LLC increased its position in Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after buying an additional 2,062,504 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in 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 acquiring an additional 2,244,659 shares in the last quarter. State Street Corp boosted its holdings in Pinnacle Financial Partners by 5.5% in the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after acquiring an additional 179,819 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock worth $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Pinnacle Financial Partners by 9.6% in the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after acquiring an additional 191,292 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $101.76 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. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The stock has a market capitalization of $7.89 billion, a PE ratio of 13.98, a PEG ratio of 0.42 and a beta of 1.03. The firm’s fifty day simple moving average is $101.35.

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

Pinnacle Financial Partners Announces Dividend

The business 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 $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Insider Activity at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider directly owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade 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 66,783 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the transaction, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 177,228 shares of company stock valued at $19,153,713 over the last three months. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. DA Davidson lifted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. Truist Financial raised 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. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Finally, UBS Group upped their target price on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Two investment 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. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Company 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.