Carlson Capital L.P. Makes New $5.18 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Carlson Capital L.P. bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 60,134 shares of the company's stock, valued at approximately $5,180,000. Pinnacle Financial Partners accounts for approximately 1.6% of Carlson Capital L.P.'s portfolio, making the stock its 2nd biggest holding. Carlson Capital L.P. owned approximately 0.08% of Pinnacle Financial Partners at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Brown Brothers Harriman & Co. bought a new stake in Pinnacle Financial Partners during the 3rd quarter valued at $26,000. High Point Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth $27,000. BOKF NA grew its position in shares of Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after buying an additional 265 shares in the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners during the 4th quarter worth $28,000. Finally, Resources Management Corp CT ADV purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at $26,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. UBS Group lifted their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a report on Friday, April 24th. Benchmark dropped their target price on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a "buy" rating on the stock in a report on Friday, July 24th. DA Davidson raised their target price on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price target for the company. Finally, Citigroup upped their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus price target of $117.00.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $105.35 on Friday. The company's 50-day moving average is $98.77. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $107.00. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $8.17 billion, a P/E ratio of 14.47, a P/E/G ratio of 0.42 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners's payout ratio is 27.47%.

Insider Buying and Selling

In other 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 bought at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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