Pinnacle Financial Partners, Inc. $PNFP Shares Bought by Advisors Capital Management LLC

Advisors Capital Management LLC grew its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 10.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,233 shares of the financial services provider’s stock after buying an additional 3,252 shares during the period. Advisors Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $3,780,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. 1248 Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at about $29,000. Spurstone Advisory Services LLC purchased a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $41,000. Ameritas Advisory Services LLC acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at approximately $45,000. True Wealth Design LLC grew its position in shares of Pinnacle Financial Partners by 1,778.3% during the second quarter. True Wealth Design LLC now owns 432 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 409 shares during the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $51,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PNFP shares. Citigroup decreased their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, July 25th. Hovde Group downgraded shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. TD Cowen assumed coverage on Pinnacle Financial Partners in a report on Thursday, September 25th. They set a “buy” rating and a $122.00 price target on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Finally, UBS Group decreased their price objective on Pinnacle Financial Partners from $104.00 to $95.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Pinnacle Financial Partners presently has a consensus rating of “Hold” and an average target price of $109.55.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 5,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The shares were acquired at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the acquisition, the director directly owned 33,372 shares of the company’s stock, valued at $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Stock Up 1.5%

Shares of NASDAQ PNFP opened at $89.18 on Friday. The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of 11.33 and a beta of 1.12. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The firm has a 50-day moving average price of $90.92 and a 200 day moving average price of $99.42. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a return on equity of 9.91% and a net margin of 19.17%.The business had revenue of $544.80 million during the quarter, compared to analysts’ expectations of $526.40 million. During the same quarter last year, the business posted $1.86 earnings per share. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, November 7th. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 12.20%.

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.