Pinnacle Financial Partners, Inc. $PNFP Stock Holdings Lifted by Next Century Growth Investors LLC

Key Points

• Next Century Growth Investors LLC increased its stake in Pinnacle Financial Partners by 11.4%, owning approximately 0.12% of the company valued at nearly $9.77 million.
• Research analysts have mixed ratings on Pinnacle Financial Partners, with some lowering target prices while others maintain "buy" ratings, leading to an average target price of $114.80.
• Pinnacle Financial Partners reported a quarterly EPS of $2.00, exceeding consensus estimates, and announced a quarterly dividend of $0.24 per share, yielding 1.0% annually.

Next Century Growth Investors LLC lifted its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,117 shares of the financial services provider's stock after acquiring an additional 9,405 shares during the period. Next Century Growth Investors LLC owned about 0.12% of Pinnacle Financial Partners worth $9,768,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNFP. Golden State Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $48,000. SVB Wealth LLC purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $51,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Pinnacle Financial Partners during the first quarter valued at approximately $57,000. Kapitalo Investimentos Ltda purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $78,000. Finally, Brooklyn Investment Group grew its position in Pinnacle Financial Partners by 15.3% during 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. 87.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. 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 on the stock in a research report on Wednesday, August 13th. 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 research report on Tuesday, July 1st. 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. Truist Financial reissued a "buy" rating and issued a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Finally, 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. Four 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.com, the company has an average rating of "Hold" and an average target price of $114.80.

Pinnacle Financial Partners Price Performance

NASDAQ:PNFP opened at $96.63 on Thursday. The stock has a market cap of $7.49 billion, a P/E ratio of 12.82 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The company has a fifty day moving average price of $102.96 and a 200 day moving average price of $104.53. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its 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 firm had revenue of $504.99 million during 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%. The business's quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 EPS. Analysts anticipate that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Insider Activity at Pinnacle Financial Partners

In related news, Director G Kennedy Thompson bought 10,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Harold R. Carpenter bought 1,000 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were 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 disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock worth $1,047,079 in the last ninety days. 1.46% of the stock is currently owned by insiders.

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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