Jefferson Bridge Capital LLC Takes $3.44 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Jefferson Bridge Capital opened a new position in Pinnacle Financial Partners, buying 36,010 shares worth about $3.44 million in Q4, and institutional investors now own roughly 87.40% of the stock.
• Pinnacle’s CFO, Andrew J. Jr. Gregory, bought 1,000 shares at $94.52, increasing his stake to 49,485 shares; corporate insiders own about 1.46% of the company.
• Wall Street’s consensus is a “Moderate Buy” with an average target of $112.18 versus the recent price near $88, and the company recently paid a $0.50 dividend (DPR 24.72%).

Jefferson Bridge Capital LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 36,010 shares of the company's stock, valued at approximately $3,436,000. Pinnacle Financial Partners comprises 3.5% of Jefferson Bridge Capital LLC's holdings, making the stock its 7th biggest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new position in Pinnacle Financial Partners during the third quarter worth $26,000. BOKF NA lifted its stake in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after purchasing an additional 265 shares during the last quarter. Covestor Ltd lifted its stake in Pinnacle Financial Partners by 193.9% during the third quarter. Covestor Ltd now owns 338 shares of the company's stock worth $32,000 after purchasing an additional 223 shares during the last quarter. Quent Capital LLC bought a new position in Pinnacle Financial Partners during the third quarter worth $34,000. Finally, Eastern Bank bought a new position in Pinnacle Financial Partners during the third quarter worth $37,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the company's stock in a transaction on Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, with a total value of $94,520.00. Following the completion of the transaction, the chief financial officer directly owned 49,485 shares of the company's stock, valued at approximately $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.46% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Stock Down 0.0%

Shares of NYSE PNFP opened at $88.22 on Wednesday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $120.46. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $6.84 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 0.40 and a beta of 1.00.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 6th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 24.72%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PNFP. DA Davidson began coverage on Pinnacle Financial Partners in a research note on Monday, January 5th. They set a "neutral" rating and a $110.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $120.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Piper Sandler raised their price objective on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 28th. UBS Group upgraded Pinnacle Financial Partners from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $106.00 to $110.00 in a research note on Tuesday. Finally, Weiss Ratings began coverage on Pinnacle Financial Partners in a research note on Monday, March 9th. They set a "hold (c+)" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $112.18.

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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