Sequoia Financial Advisors LLC Makes New $297,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

Sequoia Financial Advisors LLC bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,694 shares of the financial services provider’s stock, valued at approximately $297,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC grew its position in shares of Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider’s stock worth $171,000 after buying an additional 551 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $850,000. Golden State Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners during the 1st quarter worth $48,000. M&T Bank Corp grew its position in shares of Pinnacle Financial Partners by 9.0% during the 1st quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider’s stock worth $868,000 after buying an additional 674 shares in the last quarter. Finally, Trexquant Investment LP grew its position in shares of Pinnacle Financial Partners by 27.4% during the 1st quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock worth $2,458,000 after buying an additional 4,989 shares in the last quarter. Institutional investors own 87.40% of the company’s stock.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III purchased 1,000 shares of the stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the acquisition, the director owned 28,277 shares in the company, valued at $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Harold R. Carpenter purchased 1,000 shares of the stock in a transaction on Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the acquisition, the chief financial officer owned 105,050 shares of the company’s stock, valued at approximately $9,426,136.50. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 17,174 shares of company stock valued at $1,485,229. 1.46% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Cowen assumed coverage on Pinnacle Financial Partners in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. UBS Group dropped their price target on Pinnacle Financial Partners from $121.00 to $108.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 2nd. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Citigroup dropped their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, July 25th. Finally, Truist Financial dropped their price objective on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, October 17th. Six analysts have rated the stock with a Buy rating and seven have issued 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 price target of $110.27.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP opened at $87.43 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $6.78 billion, a PE ratio of 11.11 and a beta of 1.02. The business has a 50-day simple moving average of $94.01 and a two-hundred day simple moving average of $100.27. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.During the same quarter last year, the company earned $1.86 earnings per share. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 7th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 12.20%.

Pinnacle Financial Partners 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.