29,323 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 29,323 shares of the financial services provider’s stock, valued at approximately $3,238,000.

Other institutional investors have also recently bought and sold shares of the company. Jefferies Financial Group Inc. bought a new stake in Pinnacle Financial Partners during the 1st quarter worth about $850,000. Trexquant Investment LP increased its position in shares of Pinnacle Financial Partners by 27.4% in the first quarter. Trexquant Investment LP now owns 23,183 shares of the financial services provider’s stock valued at $2,458,000 after acquiring an additional 4,989 shares during the last quarter. Azora Capital LP raised its holdings in Pinnacle Financial Partners by 9.2% during the first quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock worth $105,878,000 after acquiring an additional 84,538 shares in the last quarter. Advisors Capital Management LLC boosted its position in Pinnacle Financial Partners by 10.5% during the second quarter. Advisors Capital Management LLC now owns 34,233 shares of the financial services provider’s stock valued at $3,780,000 after purchasing an additional 3,252 shares during the last quarter. Finally, Graham Capital Management L.P. acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $1,426,000. Institutional investors own 87.40% of the company’s stock.

Insider Activity at Pinnacle Financial Partners

In related news, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of Pinnacle Financial Partners stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $93.00, for a total transaction of $630,075.00. Following the completion of the sale, the chairman directly owned 202,505 shares of the company’s stock, valued at approximately $18,832,965. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director G Kennedy Thompson purchased 5,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average price of $87.63 per share, with a total value of $438,150.00. Following the completion of the purchase, the director directly owned 33,372 shares in the company, valued at $2,924,388.36. This trade represents a 17.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Trading Up 1.4%

Shares of Pinnacle Financial Partners stock opened at $94.10 on Thursday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $127.85. The company has a market capitalization of $7.30 billion, a price-to-earnings ratio of 11.96 and a beta of 1.06. The business has a fifty day simple moving average of $89.32 and a two-hundred day simple moving average of $97.88. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.22. The company had revenue of $544.80 million for the quarter, compared to analyst estimates of $526.40 million. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. During the same period in the prior year, the firm earned $1.86 earnings per share. Research analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Friday, November 7th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, November 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 12.20%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their price target on Pinnacle Financial Partners from $125.00 to $95.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 13th. Weiss Ratings restated a “hold (c+)” rating on shares of Pinnacle Financial Partners in a report on Tuesday. Truist Financial dropped their price target on shares of 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. Barclays increased their price target on shares of Pinnacle Financial Partners from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, November 11th. Finally, Cowen began coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $109.55.

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.