AQR Capital Management LLC Grows Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• AQR Capital Management LLC significantly increased its stake in Pinnacle Financial Partners by 309.4%, acquiring a total of 129,514 shares valued at approximately $13.47 million.
• Several institutional investors have also modified their holdings, with 87.40% of the company’s stock now owned by institutional and hedge funds.
• Pinnacle Financial Partners has announced a quarterly dividend of $0.24 per share, representing a 1.0% annual yield with a dividend payout ratio of 12.73%.

AQR Capital Management LLC increased its stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 309.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 129,514 shares of the financial services provider's stock after buying an additional 97,876 shares during the quarter. AQR Capital Management LLC owned about 0.17% of Pinnacle Financial Partners worth $13,473,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. KLP Kapitalforvaltning AS lifted its position in shares of Pinnacle Financial Partners by 0.6% during the first quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after purchasing an additional 100 shares during the last quarter. Brooklyn Investment Group lifted its position in shares of Pinnacle Financial Partners by 15.3% during the first 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. Parallel Advisors LLC lifted its position in shares of Pinnacle Financial Partners by 5.7% during the first quarter. Parallel Advisors LLC now owns 2,143 shares of the financial services provider's stock worth $227,000 after purchasing an additional 116 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Pinnacle Financial Partners by 16.6% during the first 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. Finally, Tidal Investments LLC lifted its position in shares of Pinnacle Financial Partners by 4.7% during the fourth quarter. Tidal Investments LLC now owns 3,101 shares of the financial services provider's stock worth $355,000 after purchasing an additional 140 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP traded down $0.13 during trading hours on Monday, reaching $97.23. The stock had a trading volume of 292,230 shares, compared to its average volume of 779,017. The stock has a fifty day moving average of $99.84 and a 200 day moving average of $102.63. The stock has a market cap of $7.54 billion, a P/E ratio of 12.87 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The firm had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.Pinnacle Financial Partners's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company 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 dividend on an annualized basis and a yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio is currently 12.73%.

Insider Activity at Pinnacle Financial Partners

In related news, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $84.94 per share, with a total value of $84,940.00. Following the completion of the acquisition, the director owned 28,277 shares of the company's stock, valued at $2,401,848.38. The trade was a 3.67% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Harold R. Carpenter acquired 1,000 shares of the stock in a transaction on Thursday, July 31st. The stock was bought at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. This represents a 0.96% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 12,174 shares of company stock worth $1,047,079 over the last quarter. Insiders own 1.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PNFP. UBS Group decreased their target price on 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. Truist Financial reiterated a "buy" rating and set a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Keefe, Bruyette & Woods decreased their price objective on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a report on Wednesday, August 13th. Barclays lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Finally, Stephens lowered 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. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $113.50.

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.