Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Azora Capital LP

Key Points

• Azora Capital LP increased its stake in Pinnacle Financial Partners by 9.2%, making it the 5th largest position in Azora's portfolio.
• Insiders at Pinnacle Financial Partners have purchased a total of 12,174 shares worth approximately $1.05 million in recent transactions, raising their overall ownership to 1.46% of the company's stock.
• Wall Street analysts have revised their price targets for Pinnacle Financial Partners, with Barclays lowering theirs from $140 to $125, while Truist Financial set a new target of $127 with a "buy" rating.

Azora Capital LP increased its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 9.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 998,474 shares of the financial services provider's stock after purchasing an additional 84,538 shares during the period. Pinnacle Financial Partners makes up 7.2% of Azora Capital LP's portfolio, making the stock its 5th biggest position. Azora Capital LP owned about 1.29% of Pinnacle Financial Partners worth $105,878,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in Pinnacle Financial Partners in the first quarter worth about $48,000. SVB Wealth LLC acquired a new position in Pinnacle Financial Partners in the first quarter worth about $51,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Pinnacle Financial Partners in the first quarter worth about $57,000. Kapitalo Investimentos Ltda acquired a new position in Pinnacle Financial Partners in the fourth quarter worth about $78,000. Finally, Brooklyn Investment Group raised its position 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 worth $88,000 after purchasing an additional 110 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director owned 28,277 shares in the company, valued at $2,401,848.38. The trade was a 3.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director G Kennedy Thompson acquired 10,000 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the purchase, the director owned 28,372 shares of the company's stock, valued at approximately $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PNFP. Barclays dropped their price target 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. Stephens decreased their price objective on shares of Pinnacle Financial Partners from $133.00 to $104.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. Keefe, Bruyette & Woods decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 13th. Finally, Truist Financial reaffirmed a "buy" rating and set a $127.00 price objective (up from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $114.80.

Pinnacle Financial Partners Price Performance

PNFP opened at $96.83 on Friday. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88. The company's 50 day simple moving average is $102.82 and its 200-day simple moving average is $104.35. The stock has a market capitalization of $7.51 billion, a P/E ratio of 12.84 and a beta of 1.03.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released 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. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. The business had revenue of $504.99 million for the quarter, compared to analysts' expectations of $495.27 million. During the same period in the prior year, the firm earned $1.63 earnings per share. Pinnacle Financial Partners's revenue was up 15.1% compared to the same quarter last year. Sell-side analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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

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.

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