Quantbot Technologies LP Makes New $1.12 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Quantbot Technologies LP purchased 11,087 shares of Pinnacle Financial Partners in the second quarter, worth approximately $1.12 million. Institutional investors and hedge funds collectively own 87.4% of the company.
• Pinnacle reported quarterly EPS of $2.50, exceeding analyst expectations of $2.46, while revenue of $1.24 billion matched estimates. The company also declared a $0.50 quarterly dividend, representing a 2.0% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $118.35 versus the stock’s $100.91 opening price. Recent insider activity was mixed, including a $1.0 million purchase and more than $19.1 million in insider sales over the past 90 days.

Quantbot Technologies LP purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 11,087 shares of the company's stock, valued at approximately $1,118,000.

Several other hedge funds also recently modified their holdings of the company. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners during the third quarter valued at $26,000. BOKF NA boosted its position in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after purchasing an additional 265 shares during the period. Activest Wealth Management purchased a new position in Pinnacle Financial Partners in the 4th quarter worth about $28,000. Resources Management Corp CT ADV purchased a new position in Pinnacle Financial Partners in the 1st quarter worth about $26,000. Finally, CIBC Private Wealth Group LLC raised its holdings in Pinnacle Financial Partners by 175.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company's stock worth $32,000 after buying an additional 216 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Price Performance

Shares of PNFP opened at $100.91 on Wednesday. The firm has a 50-day simple moving average of $101.79. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm has a market cap of $7.83 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio is 27.47%.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the purchase, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider M Terry Turner sold 66,783 shares of the company's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the sale, the insider owned 302,230 shares of the company's stock, valued at $32,643,862.30. This represents a 18.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 in the last 90 days. 1.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PNFP has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. DA Davidson boosted their price target on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Truist Financial upped their price target on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Citigroup raised their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th. Finally, Benchmark lifted their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $118.35.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners NYSE: PNFP is a bank holding company headquartered in Nashville, Tennessee, that provides a broad range of commercial and consumer banking services. Founded in 2000, the company operates through a network of banking offices and digital channels to serve individuals, small and middle-market businesses, and institutional clients. Pinnacle’s business model emphasizes relationship-based banking and tailored financial solutions for commercial borrowers and deposit customers.

The company’s product and service offerings include commercial and residential lending, treasury and payment solutions, deposit accounts, mortgage services, and cash management.

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