Junto Capital Management LP Purchases 99,495 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Junto Capital Management LP increased its stake in Pinnacle Financial Partners by 28.7% in the first quarter, owning approximately 0.58% of the company, valued at $47.3 million.
• Multiple brokerages issued reports lowering their price targets for Pinnacle shares, with Wells Fargo reducing it from $125 to $110, and the consensus target price now at $114.80.
• Pinnacle Financial Partners announced a quarterly dividend of $0.24 per share, reflecting an annualized dividend yield of 1.0% and a payout ratio of 12.73%.

Junto Capital Management LP boosted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 28.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 446,076 shares of the financial services provider's stock after buying an additional 99,495 shares during the period. Junto Capital Management LP owned approximately 0.58% of Pinnacle Financial Partners worth $47,302,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners in the first quarter valued at $48,000. SVB Wealth LLC acquired a new position in Pinnacle Financial Partners in the first quarter valued at $51,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Pinnacle Financial Partners in the first quarter valued at $57,000. Brooklyn Investment Group increased its stake in Pinnacle Financial Partners by 15.3% in the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after purchasing an additional 110 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in Pinnacle Financial Partners by 16.6% in the first quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 122 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded up $0.82 during trading on Thursday, reaching $98.30. 223,982 shares of the company's stock traded hands, compared to its average volume of 769,046. The company has a market capitalization of $7.62 billion, a P/E ratio of 13.04 and a beta of 1.07. 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 firm's 50-day moving average is $102.05 and its 200 day moving average is $103.71. 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 announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.92 by $0.08. The company had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. Pinnacle Financial Partners's revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 EPS. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio is presently 12.73%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Jefferies Financial Group reaffirmed a "hold" rating and issued a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 25th. Stephens decreased their target price on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 29th. Truist Financial reissued a "buy" rating and set a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Keefe, Bruyette & Woods decreased their target price 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. Finally, Barclays decreased their target price on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $113.50.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CFO Harold R. Carpenter purchased 1,000 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average cost of $89.73 per share, for a total transaction of $89,730.00. Following the purchase, the chief financial officer owned 105,050 shares of the company's stock, valued at $9,426,136.50. This represents a 0.96% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director G Kennedy Thompson bought 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the acquisition, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. This trade represents a 54.43% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Company 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.