Hudson Bay Capital Management LP Takes $1.13 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Hudson Bay Capital Management LP bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,025 shares of the company’s stock, valued at approximately $1,128,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. BOKF NA lifted its holdings 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 last quarter. Covestor Ltd boosted its position 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 acquiring an additional 223 shares during the period. Quent Capital LLC acquired a new stake in shares of Pinnacle Financial Partners in the third quarter worth $34,000. Finally, Eastern Bank acquired a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $37,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PNFP. JPMorgan Chase & Co. increased their price objective on shares of Pinnacle Financial Partners from $110.00 to $125.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Barclays lifted their price objective on Pinnacle Financial Partners from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Raymond James Financial reissued a “strong-buy” rating on shares of Pinnacle Financial Partners in a report on Thursday, January 22nd. Truist Financial set a $100.00 price target on shares of Pinnacle Financial Partners in a research report on Friday, January 9th. Finally, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Wednesday, March 18th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and an average target price of $113.41.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $83.24 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market cap of $6.46 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 0.38 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $120.46.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 6th were issued 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 (DPR) is currently 24.72%.

Insider Transactions at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory purchased 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, February 12th. The shares were acquired at an average price of $94.52 per share, with a total value of $94,520.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.46% of the stock is owned by corporate insiders.

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.