AQR Capital Management LLC Buys 97,876 Shares of 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 lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 309.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 129,514 shares of the financial services provider's stock after buying an additional 97,876 shares during the period. AQR Capital Management LLC owned approximately 0.17% of Pinnacle Financial Partners worth $13,473,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. KLP Kapitalforvaltning AS raised its stake in shares of Pinnacle Financial Partners by 0.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 15,800 shares of the financial services provider's stock worth $1,675,000 after buying an additional 100 shares in the last quarter. Brooklyn Investment Group raised its stake 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 buying an additional 110 shares in the last quarter. Parallel Advisors LLC raised 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 period. UMB Bank n.a. raised 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 period. Finally, Tidal Investments LLC raised 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 period. Institutional investors own 87.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PNFP. Jefferies Financial Group reaffirmed a "hold" rating and set a $110.00 target price (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Citigroup cut their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Barclays cut their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Finally, Truist Financial reaffirmed 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. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $113.50.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter bought 1,000 shares of the stock in a transaction on Thursday, July 31st. The shares were purchased at an average price of $89.73 per share, for a total transaction of $89,730.00. Following the completion of the purchase, 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas C. Farnsworth III bought 1,000 shares of the stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director directly owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 12,174 shares of company stock worth $1,047,079 over the last 90 days. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Down 2.1%

NASDAQ PNFP traded down $2.00 on Monday, reaching $95.36. The stock had a trading volume of 1,335,368 shares, compared to its average volume of 1,046,508. The business has a 50 day moving average price of $99.40 and a 200 day moving average price of $102.50. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 12.65 and a beta of 1.07.

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. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The firm had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. During the same quarter in the previous year, the company posted $1.63 earnings per share. The business's quarterly revenue was up 15.1% compared to the same quarter last year. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were paid 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 payout ratio is 12.73%.

Pinnacle Financial Partners Company 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.