Voya Investment Management LLC Has $1 Million Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Voya Investment Management LLC grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,463 shares of the financial services provider’s stock after buying an additional 258 shares during the quarter. Voya Investment Management LLC’s holdings in Pinnacle Financial Partners were worth $1,003,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. 1248 Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at $29,000. Modern Wealth Management LLC increased its position in Pinnacle Financial Partners by 17.8% in the first quarter. Modern Wealth Management LLC now owns 2,471 shares of the financial services provider’s stock worth $262,000 after purchasing an additional 374 shares during the period. Strs Ohio acquired a new stake in Pinnacle Financial Partners in the first quarter worth about $1,453,000. Advisors Capital Management LLC increased its position in Pinnacle Financial Partners by 8.8% in the first quarter. Advisors Capital Management LLC now owns 30,981 shares of the financial services provider’s stock worth $3,285,000 after purchasing an additional 2,513 shares during the period. Finally, Focus Partners Wealth increased its position in Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the financial services provider’s stock worth $504,000 after purchasing an additional 581 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson acquired 10,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director directly owned 28,372 shares in the company, valued at approximately $2,430,061.80. This trade represents a 54.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director owned 28,277 shares in the company, valued at approximately $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,174 shares of company stock worth $1,047,079 in the last 90 days. Corporate insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.1%

NASDAQ PNFP opened at $95.08 on Wednesday. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The stock has a market capitalization of $7.37 billion, a price-to-earnings ratio of 12.61 and a beta of 1.07. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The stock’s 50 day moving average price is $96.74 and its two-hundred day moving average price is $102.03.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company had revenue of $504.99 million for the quarter, compared to analysts’ expectations of $495.27 million. During the same quarter in the prior year, the business posted $1.63 EPS. The business’s revenue was up 15.1% compared to the same quarter last year. As a group, analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 1st were paid a dividend of $0.24 per share. The ex-dividend date was Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners’s dividend payout ratio is currently 12.73%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PNFP shares. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Truist Financial reiterated a “buy” rating and issued a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Jefferies Financial Group reiterated a “hold” rating and issued a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Hovde Group lowered Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Barclays lowered their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an “overweight” rating for the company in a research report on Monday, July 28th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Hold” and a consensus target price of $113.50.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.