71,805 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Squarepoint Ops LLC

Squarepoint Ops LLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 71,805 shares of the company's stock, valued at approximately $7,244,000. Squarepoint Ops LLC owned about 0.09% of Pinnacle Financial Partners at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PNFP. Brown Financial Advisors increased its holdings in shares of Pinnacle Financial Partners by 2.7% during the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company's stock worth $405,000 after buying an additional 105 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company's stock valued at $704,000 after acquiring an additional 116 shares during the last quarter. Villanova Investment Management Co LLC grew its position in Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company's stock worth $2,720,000 after acquiring an additional 118 shares during the period. Simplicity Wealth LLC increased its stake in Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company's stock worth $789,000 after acquiring an additional 131 shares during the last quarter. Finally, Graham Capital Management L.P. increased its stake in Pinnacle Financial Partners by 0.7% during the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company's stock worth $2,115,000 after acquiring an additional 146 shares during the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Price Performance

Shares of NYSE:PNFP opened at $99.19 on Friday. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The stock's 50-day simple moving average is $102.28.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Analysts expect that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 27.47%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a report on Thursday, June 25th. Truist Financial upped their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday, July 24th. Finally, TD Cowen boosted their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus target price of $119.39.

Insiders Place Their Bets

In related news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin S. Blair bought 2,565 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were bought at an average cost of $97.48 per share, with a total value of $250,036.20. Following the completion of the purchase, the chief executive officer directly owned 152,397 shares in the company, valued at $14,855,659.56. This represents a 1.71% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 177,228 shares of company stock worth $19,153,713 over the last 90 days. Corporate insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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