Jefferies Financial Group Inc. Purchases New Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

Key Points

• Jefferies Financial Group Inc. invested $850,000 in Pinnacle Financial Partners, acquiring 8,019 shares in the first quarter.
• Pinnacle Financial Partners recently announced a $0.24 quarterly dividend to be paid on August 29th, resulting in a yield of 1.1%.
• Brokerages have lowered their target prices for Pinnacle Financial Partners, with an average rating of "Hold" and a target price of $118.30.

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

Several other hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC grew its stake in shares of Pinnacle Financial Partners by 51.7% during the first quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after buying an additional 551 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth $48,000. M&T Bank Corp grew its stake in shares of Pinnacle Financial Partners by 9.0% during the first quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock worth $868,000 after buying an additional 674 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Pinnacle Financial Partners by 3.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock worth $14,892,000 after buying an additional 4,356 shares during the last quarter. Finally, Impax Asset Management Group plc bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth $7,423,000. 87.40% of the stock is owned by institutional investors.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter bought 1,000 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was bought at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the transaction, the chief financial officer directly owned 105,050 shares in the company, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director G Kennedy Thompson acquired 10,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $85.65 per share, with a total value of $856,500.00. Following the completion of the transaction, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 12,174 shares of company stock valued at $1,047,079 over the last three months. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Trading Up 2.5%

PNFP stock traded up $2.16 during midday trading on Friday, hitting $89.92. The stock had a trading volume of 1,419,482 shares, compared to its average volume of 2,108,951. The business has a fifty day moving average price of $106.07 and a two-hundred day moving average price of $107.26. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91. The firm has a market cap of $6.97 billion, a P/E ratio of 11.93 and a beta of 1.03. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The firm had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. During the same quarter in the prior year, the business earned $1.63 earnings per share. The business's quarterly revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 1.1%. Pinnacle Financial Partners's payout ratio is presently 12.73%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PNFP shares. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Citigroup cut their price target on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, July 25th. UBS Group reiterated a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a report on Wednesday, July 9th. Jefferies Financial Group reiterated a "hold" rating and set a $110.00 price target (down previously from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Finally, Barclays cut their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a report on Monday, July 28th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $118.30.

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.