Diamond Hill Capital Management LLC Investment Advisor Makes New $11.12 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Diamond Hill Capital Management acquired 110,255 shares of Pinnacle Financial Partners, valued at approximately $11.12 million, giving it a 0.14% stake. Institutional investors collectively own 87.4% of the company.
• Pinnacle reported quarterly EPS of $2.50, exceeding analyst expectations of $2.46, on revenue of $1.24 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $118.35.
• The company declared a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 1.9% yield. Recent insider activity was mixed, with one insider buying shares while another sold approximately $7.2 million worth.

Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 110,255 shares of the company's stock, valued at approximately $11,123,000. Diamond Hill Capital Management LLC Investment Advisor owned 0.14% of Pinnacle Financial Partners at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Resources Management Corp CT ADV acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at $26,000. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners during the 3rd quarter worth about $26,000. High Point Wealth Management LLC purchased a new stake in Pinnacle Financial Partners during the 4th quarter valued at about $27,000. BOKF NA grew its stake in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after purchasing an additional 265 shares during the last quarter. Finally, Activest Wealth Management acquired a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at about $28,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Down 0.6%

Pinnacle Financial Partners stock opened at $107.40 on Tuesday. The business's 50-day moving average is $100.99. 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 firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of 14.75, a price-to-earnings-growth ratio of 0.43 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. UBS Group raised their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Tuesday, May 12th. DA Davidson lifted their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Finally, Benchmark upped their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and a consensus price target of $118.35.

Insider Buying and Selling

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm's stock in a transaction dated Friday, July 24th. The shares were acquired at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider M Terry Turner sold 66,783 shares of the firm's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the transaction, the insider owned 302,230 shares in the company, valued at $32,643,862.30. The trade was a 18.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 in the last quarter. Insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Company 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.

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source