Ground Swell Capital LLC Buys Shares of 14,042 Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Ground Swell Capital LLC opened a new position in Pinnacle Financial Partners, buying 14,042 shares worth about $1.34 million; the stock is now its second-largest holding and makes up 2.8% of the portfolio.
• Pinnacle Financial Partners reported better-than-expected quarterly results, with EPS of $2.39 versus the $2.30 estimate and revenue of $1.22 billion, while analysts expect full-year EPS of 10.34.
• The company also declared a quarterly dividend of $0.50 per share, implying an annualized payout of $2.00 and a yield of about 2.1%; meanwhile, analysts currently rate the stock a Moderate Buy with an average price target of $115.19.

Ground Swell Capital LLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 14,042 shares of the company's stock, valued at approximately $1,340,000. Pinnacle Financial Partners accounts for about 2.8% of Ground Swell Capital LLC's investment portfolio, making the stock its 2nd largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock valued at $306,474,000 after purchasing an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP raised its holdings in Pinnacle Financial Partners by 6.5% in the third quarter. Dimensional Fund Advisors LP now owns 2,680,171 shares of the company's stock worth $251,376,000 after purchasing an additional 163,269 shares during the period. Wellington Management Group LLP boosted its position in shares of Pinnacle Financial Partners by 51.1% during the third quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company's stock worth $202,281,000 after purchasing an additional 728,975 shares in the last quarter. Nomura Holdings Inc. bought a new position in shares of Pinnacle Financial Partners during the third quarter worth $187,822,000. Finally, Bank of America Corp DE grew its holdings in shares of Pinnacle Financial Partners by 66.8% in the 3rd quarter. Bank of America Corp DE now owns 828,944 shares of the company's stock valued at $77,747,000 after buying an additional 332,092 shares during the period. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Up 0.1%

NYSE PNFP opened at $96.59 on Wednesday. The firm has a 50 day simple moving average of $90.89. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $7.49 billion, a P/E ratio of 13.40, a PEG ratio of 0.37 and a beta of 1.06. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.20 billion. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.34 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio is currently 27.74%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PNFP. Truist Financial raised their price objective on Pinnacle Financial Partners from $114.00 to $115.00 and gave the stock a "buy" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft set a $116.00 price target on Pinnacle Financial Partners and gave the stock a "buy" rating in a research report on Wednesday, January 21st. Raymond James Financial reiterated a "strong-buy" rating on shares of Pinnacle Financial Partners in a report on Thursday, January 22nd. Weiss Ratings began coverage on shares of Pinnacle Financial Partners in a research report on Monday, March 9th. They set a "hold (c+)" rating for the company. Finally, Stephens increased their target price on Pinnacle Financial Partners from $95.00 to $109.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and an average price target of $115.19.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were acquired at an average price of $94.52 per share, with a total value of $94,520.00. Following the completion of the transaction, the chief financial officer owned 49,485 shares in the company, valued at $4,677,322.20. The trade was a 2.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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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