SCS Capital Management LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• SCS Capital Management LLC has acquired 4,969 shares of Pinnacle Financial Partners, valued at approximately $527,000, as part of its first-quarter investments.
• Pinnacle Financial Partners recently announced a quarterly dividend of $0.24 per share, representing a 1.0% dividend yield and a dividend payout ratio of 12.73%.
• In recent earnings, Pinnacle Financial Partners reported an EPS of $2.00, surpassing the estimated $1.92, and recorded a 15.1% year-over-year revenue growth.

SCS Capital Management LLC bought a new position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 4,969 shares of the financial services provider's stock, valued at approximately $527,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $48,000. SVB Wealth LLC bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $51,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $57,000. Brooklyn Investment Group increased its position in shares of Pinnacle Financial Partners by 15.3% in the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after purchasing an additional 110 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after purchasing an additional 122 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

Insiders Place Their Bets

In related news, Director Thomas C. Farnsworth III bought 1,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was bought at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the transaction, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Kennedy Thompson bought 10,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was bought at an average price of $85.65 per share, with a total value of $856,500.00. Following the transaction, the director owned 28,372 shares in the company, valued at approximately $2,430,061.80. This represents a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock worth $1,047,079 in the last quarter. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Up 2.3%

Shares of NASDAQ:PNFP traded up $2.14 during mid-day trading on Wednesday, hitting $96.79. The stock had a trading volume of 539,737 shares, compared to its average volume of 785,720. 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 market cap of $7.51 billion, a PE ratio of 12.83 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The company's 50 day moving average is $98.93 and its 200-day moving average is $102.44.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 EPS. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders 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 dividend on an annualized basis and a yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio is presently 12.73%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PNFP shares. UBS Group lowered their price objective on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Jefferies Financial Group restated a "hold" rating and issued a $110.00 target price (down previously from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Truist Financial restated a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $113.50.

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.