Jefferies Financial Group Inc. Makes New $850,000 Investment in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Jefferies Financial Group Inc. purchased a new position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 8,019 shares of the financial services provider's stock, valued at approximately $850,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $48,000. Kapitalo Investimentos Ltda purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $78,000. UMB Bank n.a. grew its stake in shares of Pinnacle Financial Partners by 16.6% in the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 122 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Pinnacle Financial Partners by 51.7% in the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock valued at $171,000 after purchasing an additional 551 shares during the last quarter. Finally, Portside Wealth Group LLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter valued at approximately $210,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Up 2.5%

PNFP opened at $89.55 on Wednesday. The business's fifty day moving average is $107.13 and its two-hundred day moving average is $107.81. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 11.88 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%. Pinnacle Financial Partners's quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.63 earnings per share. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PNFP. Jefferies Financial Group restated a "hold" rating and issued a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Wells Fargo & Company decreased their price target on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. Citigroup decreased their price target on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their price target on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Truist Financial restated a "buy" rating and issued a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $118.30.

Insider Activity at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson acquired 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $85.65 per share, with a total value of $856,500.00. Following the completion of the purchase, the director directly owned 28,372 shares in the company, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the purchase, the director owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,174 shares of company stock valued at $1,047,079 over the last quarter. Insiders own 1.46% of the company's stock.

Pinnacle Financial Partners 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.

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