Merit Financial Group LLC Purchases 9,600 Shares of Pinnacle Financial Partners, Inc. $PNFP

Merit Financial Group LLC boosted its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 528.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,415 shares of the financial services provider’s stock after acquiring an additional 9,600 shares during the period. Merit Financial Group LLC’s holdings in Pinnacle Financial Partners were worth $1,071,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in Pinnacle Financial Partners by 309.4% during the 1st quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider’s stock valued at $13,473,000 after purchasing an additional 97,876 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the financial services provider’s stock worth $69,060,000 after buying an additional 37,989 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Pinnacle Financial Partners in the first quarter valued at approximately $526,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Pinnacle Financial Partners by 7.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 272,928 shares of the financial services provider’s stock worth $28,941,000 after acquiring an additional 18,456 shares during the last quarter. Finally, SCS Capital Management LLC bought a new position in Pinnacle Financial Partners during the first quarter worth $527,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNFP has been the subject of a number of research reports. Bank of America assumed coverage on shares of Pinnacle Financial Partners in a report on Monday, December 8th. They issued a “buy” rating and a $113.00 price target for the company. DA Davidson started coverage on shares of Pinnacle Financial Partners in a research note on Monday. They issued a “neutral” rating and a $110.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Pinnacle Financial Partners in a research note on Monday, December 29th. Cowen began coverage on Pinnacle Financial Partners in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Finally, Stephens decreased their price objective on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus price target of $112.81.

Pinnacle Financial Partners Stock Up 0.8%

Shares of PNFP opened at $97.70 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $93.40 and a two-hundred day moving average price of $96.58. The stock has a market cap of $7.58 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 0.48 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $127.85.

Pinnacle Financial Partners (NASDAQ:PNFP) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. The business had revenue of $544.80 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the firm posted $1.86 EPS. Equities analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

Insider Buying and Selling at Pinnacle Financial Partners

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

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc (NASDAQ: PNFP) is a financial services company headquartered in Nashville, Tennessee, that provides banking, wealth management and insurance solutions to business and consumer clients. The company operates through two primary segments—Banking and Wealth Management & Advisory—offering a comprehensive suite of products that includes commercial and consumer lending, deposit services, treasury management, trust and investment advisory, and insurance brokerage. Pinnacle’s client-focused model emphasizes relationship-based banking, leveraging local decision-making authority and specialized industry expertise to serve diverse sectors such as healthcare, technology, real estate and professional services.

In its banking segment, Pinnacle delivers commercial and consumer loans, lines of credit, equipment financing, and mortgage lending.