3,297 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Silver Oak Securities Incorporated

Key Points

• Silver Oak Securities Incorporated has acquired 3,297 shares of Pinnacle Financial Partners, Inc. valued at approximately $364,000, as reported in their recent SEC filing.
• Pinnacle Financial Partners reported earnings per share of $2.00, surpassing analysts' expectations and showing a year-over-year revenue increase of 15.1%.
• A recent dividend of $0.24 per share was paid to shareholders, reflecting an annualized yield of 1.0% and a payout ratio of 12.73%.

Silver Oak Securities Incorporated acquired a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,297 shares of the financial services provider's stock, valued at approximately $364,000.

Several other large investors have also recently modified their holdings of the company. KLP Kapitalforvaltning AS raised its stake in shares of Pinnacle Financial Partners by 0.6% during the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after acquiring an additional 100 shares in the last quarter. Brooklyn Investment Group increased its stake in Pinnacle Financial Partners by 15.3% during the 1st 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 in the last quarter. Parallel Advisors LLC increased its stake in Pinnacle Financial Partners by 5.7% during the 1st quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock valued at $227,000 after purchasing an additional 116 shares in the last quarter. UMB Bank n.a. increased its stake in Pinnacle Financial Partners by 16.6% during the 1st 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 in the last quarter. Finally, Tidal Investments LLC increased its stake in Pinnacle Financial Partners by 4.7% during the 4th quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock valued at $355,000 after purchasing an additional 140 shares in the last quarter. Institutional investors own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays cut 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 research note on Monday, July 28th. Hovde Group lowered shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. upped their price target on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Stephens cut their price target on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Finally, Truist Financial restated a "buy" rating and set a $127.00 price target (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $113.50.

Pinnacle Financial Partners Stock Performance

NASDAQ:PNFP opened at $95.18 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The company has a fifty day moving average of $97.14 and a two-hundred day moving average of $102.08. The stock has a market capitalization of $7.38 billion, a PE ratio of 12.62 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.57 and a fifty-two week high of $131.91.

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

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Thomas C. Farnsworth III acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the transaction, the director owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Harold R. Carpenter bought 1,000 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, July 31st. The stock was acquired at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the transaction, the chief financial officer directly owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. The trade was a 0.96% 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. Company insiders own 1.46% of the company's stock.

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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