Kodai Capital Management LP Invests $5.64 Million in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Kodai Capital Management LP has made a new investment in Pinnacle Financial Partners, acquiring 53,182 shares valued at approximately $5.639 million.
• Insider transactions have been notable, with Director G Kennedy Thompson increasing their shareholding by 54.43% and Director Thomas C. Farnsworth III also acquiring shares, indicating insider confidence in the company.
• Pinnacle Financial Partners reported a quarterly EPS of $2.00, surpassing analysts' expectations, and noted a 15.1% year-over-year increase in revenue.

Kodai Capital Management LP bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 53,182 shares of the financial services provider's stock, valued at approximately $5,639,000. Kodai Capital Management LP owned 0.07% of Pinnacle Financial Partners as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PNFP. GAMMA Investing LLC increased its holdings in Pinnacle Financial Partners by 51.7% during the 1st quarter. GAMMA Investing LLC now owns 1,616 shares of the financial services provider's stock worth $171,000 after purchasing an additional 551 shares during the period. Jefferies Financial Group Inc. purchased a new stake in Pinnacle Financial Partners during the 1st quarter worth about $850,000. Golden State Wealth Management LLC purchased a new stake in Pinnacle Financial Partners during the 1st quarter worth about $48,000. M&T Bank Corp increased its holdings in Pinnacle Financial Partners by 9.0% during the 1st quarter. M&T Bank Corp now owns 8,187 shares of the financial services provider's stock worth $868,000 after purchasing an additional 674 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in Pinnacle Financial Partners by 3.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 142,165 shares of the financial services provider's stock worth $14,892,000 after purchasing an additional 4,356 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Activity at Pinnacle Financial Partners

In related news, CFO Harold R. Carpenter purchased 1,000 shares of the company's stock in a transaction on Thursday, July 31st. The stock was bought at an average price of $89.73 per share, with a total value of $89,730.00. Following the completion of the transaction, the chief financial officer owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. This represents a 0.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Kennedy Thompson purchased 10,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $85.65 per share, with a total value of $856,500.00. Following the transaction, the director directly owned 28,372 shares of the company's stock, 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 bought 12,174 shares of company stock valued at $1,047,079 in the last ninety days. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded up $0.93 during mid-day trading on Thursday, reaching $98.41. 180,984 shares of the company were exchanged, compared to its average volume of 768,921. 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 firm's 50-day simple moving average is $102.05 and its two-hundred day simple moving average is $103.71. The firm has a market cap of $7.63 billion, a PE ratio of 13.06 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a twelve month low of $81.57 and a twelve month high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating the consensus estimate of $1.92 by $0.08. The business had revenue of $504.99 million during the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company's quarterly revenue was up 15.1% compared to the same quarter last year. During the same period last year, the firm earned $1.63 EPS. Equities 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 company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 12.73%.

Analysts Set New Price Targets

Several research firms recently weighed in on PNFP. Citigroup decreased their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Stephens decreased their target price on Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. JPMorgan Chase & Co. boosted their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods decreased their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a research note on Wednesday, August 13th. Finally, UBS Group decreased their target price on Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a research report on Tuesday. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $113.50.

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.