ArrowMark Colorado Holdings LLC Acquires Shares of 31,300 Pinnacle Financial Partners, Inc. $PNFP

ArrowMark Colorado Holdings LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 31,300 shares of the company’s stock, valued at approximately $2,936,000.

A number of other hedge funds have also modified their holdings of the business. AQR Capital Management LLC raised its position in Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Pinnacle Financial Partners by 6.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,680,171 shares of the company’s stock valued at $251,376,000 after purchasing an additional 163,269 shares during the period. Wellington Management Group LLP increased its stake in Pinnacle Financial Partners by 51.1% in the third quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company’s stock valued at $202,281,000 after purchasing an additional 728,975 shares during the period. Norges Bank purchased a new stake in shares of Pinnacle Financial Partners in the second quarter valued at about $113,461,000. Finally, The Manufacturers Life Insurance Company raised its holdings 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 company’s stock valued at $111,561,000 after buying an additional 31,858 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Piper Sandler raised 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. Wall Street Zen raised Pinnacle Financial Partners to a “sell” rating in a research note on Tuesday, March 10th. Citigroup increased their price objective on Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. lifted their target price on Pinnacle Financial Partners from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Finally, Truist Financial set a $100.00 target price on Pinnacle Financial Partners in a report on Friday, January 9th. 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 company. According to MarketBeat.com, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus price target of $113.41.

Pinnacle Financial Partners Trading Down 0.9%

Shares of Pinnacle Financial Partners stock opened at $82.83 on Monday. The stock has a market cap of $6.43 billion, a PE ratio of 10.24, a PEG ratio of 0.38 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $120.46. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced 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 of this dividend was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio is 24.72%.

Insider Activity

In other Pinnacle Financial Partners news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, February 12th. The stock was acquired at an average cost of $94.52 per share, with a total value of $94,520.00. Following the acquisition, the chief financial officer directly owned 49,485 shares of the company’s stock, valued at $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Company Profile

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.