Alberta Investment Management Corp Purchases New Position in Pinnacle Financial Partners, Inc. $PNFP

Alberta Investment Management Corp purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 25,000 shares of the financial services provider’s stock, valued at approximately $2,345,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PNFP. Norges Bank purchased a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $113,461,000. The Manufacturers Life Insurance Company raised its stake in shares of Pinnacle Financial Partners by 3.3% in the second quarter. The Manufacturers Life Insurance Company now owns 1,010,422 shares of the financial services provider’s stock valued at $111,561,000 after acquiring an additional 31,858 shares during the period. Jennison Associates LLC lifted its holdings in shares of Pinnacle Financial Partners by 6.7% in the 2nd quarter. Jennison Associates LLC now owns 686,744 shares of the financial services provider’s stock worth $75,823,000 after acquiring an additional 43,162 shares during the last quarter. Channing Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 1.8% in the 2nd quarter. Channing Capital Management LLC now owns 671,556 shares of the financial services provider’s stock worth $74,146,000 after acquiring an additional 12,162 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Pinnacle Financial Partners by 0.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 652,562 shares of the financial services provider’s stock worth $72,049,000 after purchasing an additional 3,441 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, Chairman Robert A. Mccabe, Jr. sold 6,775 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $93.00, for a total value of $630,075.00. Following the completion of the transaction, the chairman directly owned 202,505 shares in the company, valued at approximately $18,832,965. The trade was a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew J. Jr. Gregory purchased 1,000 shares of the stock in a transaction dated Thursday, February 12th. The stock was purchased at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the acquisition, the chief financial officer directly owned 49,485 shares in the company, valued at approximately $4,677,322.20. This represents a 2.06% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PNFP shares. Truist Financial set a $100.00 price objective on shares of Pinnacle Financial Partners in a research report on Friday, January 9th. Piper Sandler increased their price target on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. DA Davidson began coverage on Pinnacle Financial Partners in a report on Monday, January 5th. They set a “neutral” rating and a $110.00 price objective for the company. Citigroup upped their price objective on Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Deutsche Bank Aktiengesellschaft set a $116.00 target price on Pinnacle Financial Partners and gave the stock a “buy” rating in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $113.41.

Pinnacle Financial Partners Stock Up 0.3%

Shares of Pinnacle Financial Partners stock opened at $99.01 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.48 and a beta of 1.03. The firm’s 50-day moving average is $98.20 and its two-hundred day moving average is $94.18. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $120.69.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 6th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, February 6th. Pinnacle Financial Partners’s payout ratio is presently 24.72%.

About Pinnacle Financial Partners

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.