Nuveen LLC Acquires Shares of 253,478 Pinnacle Financial Partners, Inc. $PNFP

Nuveen LLC bought a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 253,478 shares of the financial services provider's stock, valued at approximately $26,879,000. Nuveen LLC owned 0.33% of Pinnacle Financial Partners at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PNFP. Golden State Wealth Management LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at approximately $48,000. Kapitalo Investimentos Ltda acquired a new stake in Pinnacle Financial Partners in the 4th quarter valued at approximately $78,000. UMB Bank n.a. increased its position in 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 acquiring an additional 122 shares during the period. GAMMA Investing LLC increased its position in 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 acquiring an additional 551 shares during the period. Finally, Portside Wealth Group LLC acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at approximately $210,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several analyst reports. JPMorgan Chase & Co. raised their target price on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial reiterated a "buy" rating and set a $127.00 price target (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. UBS Group reiterated a "neutral" rating and set a $121.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Citigroup lowered their price target on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Four analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $114.80.

Insider Buying and Selling

In related news, Director Thomas C. Farnsworth III bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the acquisition, the director directly owned 28,277 shares of the company's stock, valued at $2,401,848.38. The trade was a 3.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Harold R. Carpenter bought 1,000 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares of the company's stock, valued at $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 12,174 shares of company stock worth $1,047,079 in the last three months. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners Price Performance

Shares of NASDAQ PNFP traded up $4.0850 during mid-day trading on Friday, reaching $96.4750. The company had a trading volume of 279,825 shares, compared to its average volume of 751,114. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a market cap of $7.48 billion, a PE ratio of 12.80 and a beta of 1.03. The company has a 50-day moving average price of $103.47 and a two-hundred day moving average price of $105.31. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its earnings results 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 for 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 EPS. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's payout ratio is presently 12.73%.

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.