XTX Topco Ltd Makes New $361,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• XTX Topco Ltd has acquired 3,408 shares of Pinnacle Financial Partners, valued at approximately $361,000, in the first quarter of 2023.
• Shares of Pinnacle Financial Partners have experienced significant stock analyst adjustments, with Barclays and Stephens both lowering their price targets on the stock.
• Pinnacle Financial Partners recently announced a quarterly dividend of $0.24 per share, with a yield of 1.1%, to be paid on August 29th.

XTX Topco Ltd purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,408 shares of the financial services provider's stock, valued at approximately $361,000.

A number of other hedge funds have also recently bought and sold shares of PNFP. Federated Hermes Inc. boosted its holdings in shares of Pinnacle Financial Partners by 806.3% in the 1st quarter. Federated Hermes Inc. now owns 56,047 shares of the financial services provider's stock valued at $5,943,000 after buying an additional 49,863 shares during the last quarter. Picton Mahoney Asset Management lifted its stake in Pinnacle Financial Partners by 2.8% in the first quarter. Picton Mahoney Asset Management now owns 163,579 shares of the financial services provider's stock valued at $17,345,000 after acquiring an additional 4,392 shares during the last quarter. AGP Franklin LLC lifted its stake in Pinnacle Financial Partners by 0.9% in the first quarter. AGP Franklin LLC now owns 21,140 shares of the financial services provider's stock valued at $2,242,000 after acquiring an additional 192 shares during the last quarter. Norden Group LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $255,000. Finally, LPL Financial LLC increased its stake in shares of Pinnacle Financial Partners by 8.6% during the 1st quarter. LPL Financial LLC now owns 30,679 shares of the financial services provider's stock worth $3,253,000 after purchasing an additional 2,424 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PNFP. UBS Group reiterated a "neutral" rating and issued a $121.00 target price on shares of Pinnacle Financial Partners in a research note on Wednesday, July 9th. Citigroup cut their price objective on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Keefe, Bruyette & Woods decreased their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a report on Wednesday. Truist Financial reaffirmed a "buy" rating and set a $127.00 price target (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. Finally, Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a report on Friday, July 25th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners currently has a consensus rating of "Hold" and an average target price of $114.80.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock traded down $0.60 during trading on Thursday, reaching $92.68. The company's stock had a trading volume of 281,424 shares, compared to its average volume of 735,294. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The business's 50-day moving average price is $105.17 and its 200-day moving average price is $106.62. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91. The firm has a market cap of $7.19 billion, a PE ratio of 12.29 and a beta of 1.03.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $504.99 million during the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the previous year, the firm posted $1.63 EPS. The business's revenue for the quarter was up 15.1% compared to the same quarter last year. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

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

Insiders Place Their Bets

In related news, Director G Kennedy Thompson purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the transaction, the director owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Harold R. Carpenter acquired 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average cost of $89.73 per share, with a total value of $89,730.00. Following the transaction, 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 have purchased a total of 12,174 shares of company stock worth $1,047,079 in the last 90 days. Company insiders own 1.46% of the company's stock.

Pinnacle Financial Partners 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.