Adage Capital Partners GP L.L.C. Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Adage Capital Partners GP L.L.C. purchased a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 29,000 shares of the financial services provider's stock, valued at approximately $3,075,000.

A number of other hedge funds also recently modified their holdings of PNFP. Nuveen LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $26,879,000. GAMMA Investing LLC raised its holdings in shares of Pinnacle Financial Partners by 15,990.2% in the 1st quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock worth $18,171,000 after purchasing an additional 170,296 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in shares of Pinnacle Financial Partners by 49.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 434,749 shares of the financial services provider's stock worth $49,731,000 after purchasing an additional 143,026 shares during the period. Junto Capital Management LP raised its holdings in shares of Pinnacle Financial Partners by 28.7% in the 1st quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock worth $47,302,000 after purchasing an additional 99,495 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Pinnacle Financial Partners by 5.9% in the 1st quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider's stock worth $168,873,000 after purchasing an additional 88,282 shares during the period. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP traded down $0.83 during midday trading on Tuesday, hitting $97.58. The company had a trading volume of 762,831 shares, compared to its average volume of 1,090,318. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The stock's fifty day moving average price is $101.04 and its 200-day moving average price is $103.02. The company has a market capitalization of $7.57 billion, a PE ratio of 12.94 and a beta of 1.07. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34.

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

Pinnacle Financial Partners Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Barclays lowered their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Stephens reduced their price objective on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Truist Financial reiterated a "buy" rating and issued a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $113.50.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter purchased 1,000 shares of the stock in a transaction on Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the purchase, the chief financial officer directly owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director G Kennedy Thompson purchased 10,000 shares of the stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the purchase, the director directly owned 28,372 shares of the company's stock, valued at $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 12,174 shares of company stock worth $1,047,079. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Company Profile

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.