Jefferies Financial Group Inc. Makes New $15.39 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Jefferies Financial Group Inc. bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 152,534 shares of the company's stock, valued at approximately $15,388,000. Jefferies Financial Group Inc. owned approximately 0.20% of Pinnacle Financial Partners as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of PNFP. Goldman Sachs Group Inc. boosted its stake in Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company's stock worth $69,060,000 after buying an additional 37,989 shares during the last quarter. Focus Partners Wealth increased its position in Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock worth $504,000 after purchasing an additional 581 shares in the last quarter. Amundi raised its stake in shares of Pinnacle Financial Partners by 25,700.0% in the 2nd quarter. Amundi now owns 4,386 shares of the company's stock valued at $513,000 after acquiring an additional 4,369 shares during the period. Jump Financial LLC purchased a new position in Pinnacle Financial Partners in the second quarter valued at about $229,000. Finally, Cerity Partners LLC raised its holdings in shares of Pinnacle Financial Partners by 4.2% during the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company's stock valued at $2,877,000 after buying an additional 1,039 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction that occurred on 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 purchase, the insider directly owned 324,233 shares of the company's stock, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider M Terry Turner sold 66,783 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares in the company, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 177,228 shares of company stock valued at $19,153,713 over the last quarter. Insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Stock Down 0.5%

Shares of NYSE PNFP opened at $101.12 on Friday. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The company's 50-day moving average is $102.01. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $7.84 billion, a PE ratio of 13.89, a P/E/G ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate 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, sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio is currently 27.47%.

Analyst Ratings Changes

PNFP has been the topic of a number of recent analyst reports. Citigroup upped their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Benchmark boosted their price target 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. Evercore restated an "outperform" rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Finally, Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $118.35.

About Pinnacle Financial Partners

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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