Algert Global LLC Takes $11.33 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Algert Global LLC purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 120,797 shares of the company’s stock, valued at approximately $11,330,000. Algert Global LLC owned 0.16% of Pinnacle Financial Partners at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNFP. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners during the third quarter valued at about $26,000. BOKF NA boosted its position in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares during the period. Covestor Ltd grew its stake in shares of Pinnacle Financial Partners by 193.9% in the third quarter. Covestor Ltd now owns 338 shares of the company’s stock valued at $32,000 after buying an additional 223 shares in the last quarter. Quent Capital LLC acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $34,000. Finally, Eastern Bank acquired a new position in Pinnacle Financial Partners during the 3rd quarter worth about $37,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PNFP has been the subject of several research reports. Evercore reaffirmed an “outperform” rating on shares of Pinnacle Financial Partners in a research report on Thursday, February 5th. DA Davidson assumed coverage on shares of Pinnacle Financial Partners in a research note on Monday, January 5th. They issued a “neutral” rating and a $110.00 price target for the company. Bank of America started coverage on Pinnacle Financial Partners in a research report on Monday, December 8th. They set a “buy” rating and a $113.00 price objective on the stock. Royal Bank Of Canada upgraded Pinnacle Financial Partners to a “moderate buy” rating in a research note on Monday, January 5th. Finally, Citigroup lifted their target price on Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a “buy” rating in a report on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus target price of $113.41.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were bought at an average cost of $94.52 per share, with a total value of $94,520.00. Following the purchase, the chief financial officer owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This represents a 2.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $82.83 on Monday. The stock has a market capitalization of $6.43 billion, a PE ratio of 10.24, a PEG ratio of 0.38 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $120.46.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 6th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio is 24.72%.

About Pinnacle Financial Partners

Pinnacle Financial Partners (NYSE: PNFP) is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.