13,449 Shares in Pinnacle Financial Partners, Inc. $PNFP Bought by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. acquired 13,449 shares of Pinnacle Financial Partners, valued at approximately $1.43 million, marking a notable investment in the financial services provider.
• Recent insider activity includes Director Thomas C. Farnsworth III and CFO Harold R. Carpenter each purchasing 1,000 shares at $84.94 and $89.73 per share, respectively, reflecting confidence in the firm's prospects.
• Analysts have a mixed outlook, with Truist Financial setting a new target price of $127 while others like Wells Fargo and UBS lowered their targets, indicating varying views on the stock's future performance.

Graham Capital Management L.P. acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 13,449 shares of the financial services provider's stock, valued at approximately $1,426,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Golden State Wealth Management LLC bought a new position in Pinnacle Financial Partners in the first quarter valued at about $48,000. SVB Wealth LLC bought a new position in Pinnacle Financial Partners in the first quarter valued at about $51,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Pinnacle Financial Partners in the first quarter valued at about $57,000. Brooklyn Investment Group raised its position in Pinnacle Financial Partners by 15.3% in the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after purchasing an additional 110 shares during the last quarter. Finally, UMB Bank n.a. raised its position in Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 122 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Harold R. Carpenter bought 1,000 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the purchase, the chief financial officer directly owned 105,050 shares of the company's stock, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 12,174 shares of company stock valued at $1,047,079 over the last 90 days. Company insiders own 1.46% of the company's stock.

Analysts Set New Price Targets

PNFP has been the subject of several research reports. Truist Financial reiterated a "buy" rating and issued a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Barclays dropped their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Wells Fargo & Company lowered their price objective on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday, July 25th. UBS Group lowered their price objective on Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a research report on Tuesday. Finally, Jefferies Financial Group restated a "hold" rating and set a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Hold" and an average price target of $113.50.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $97.47 on Wednesday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 12.93 and a beta of 1.07. The business has a 50-day moving average of $102.24 and a 200-day moving average of $103.75.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. During the same quarter last year, the firm posted $1.63 earnings per share. The firm's revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 12.73%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.

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