Kraft Asset Management LLC Has $1.05 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Kraft Asset Management LLC significantly increased its stake in Pinnacle Financial Partners by 367.5% in Q2, owning 9,467 shares valued at approximately $1.05 million.
• Pinnacle Financial Partners reported an EPS of $2.00 for the last quarter, exceeding analysts' estimates, with revenues reaching $504.99 million.
• The company declared a quarterly dividend of $0.24 per share, reflecting a yield of 1.0% and a payout ratio of 12.73%.

Kraft Asset Management LLC grew its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 367.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,467 shares of the financial services provider's stock after buying an additional 7,442 shares during the quarter. Pinnacle Financial Partners accounts for about 1.0% of Kraft Asset Management LLC's portfolio, making the stock its 16th largest holding. Kraft Asset Management LLC's holdings in Pinnacle Financial Partners were worth $1,045,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 1248 Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $29,000. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $48,000. SVB Wealth LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $57,000. Finally, Brooklyn Investment Group increased its position in Pinnacle Financial Partners by 15.3% during the 1st quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock worth $88,000 after purchasing an additional 110 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred 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 purchase, the chief financial officer owned 105,050 shares in the company, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Kennedy Thompson bought 10,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average price of $85.65 per share, with a total value of $856,500.00. Following the completion of the transaction, the director owned 28,372 shares of the company's stock, valued at $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 12,174 shares of company stock valued at $1,047,079. Corporate insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Stock Performance

NASDAQ PNFP opened at $95.08 on Wednesday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week high of $131.91. The company has a 50-day simple moving average of $96.74 and a 200 day simple moving average of $102.03. 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 capitalization of $7.37 billion, a PE ratio of 12.61 and a beta of 1.07.

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

Pinnacle Financial Partners Announces Dividend

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 dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 annualized dividend and a yield of 1.0%. Pinnacle Financial Partners's payout ratio is currently 12.73%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PNFP. Truist Financial reiterated a "buy" rating and set a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Keefe, Bruyette & Woods lowered their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a research report on Wednesday, August 13th. Wells Fargo & Company reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a report on Friday, July 25th. Barclays reduced their target price 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target 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.

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