Renaissance Technologies LLC Buys New Shares in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Renaissance Technologies acquired 188,800 shares of Pinnacle Financial Partners worth approximately $16.3 million, giving it a 0.24% stake. Institutional investors collectively own 87.4% of the company.
• Analyst sentiment is favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $117, above its reported $105.35 opening price.
• Pinnacle exceeded quarterly earnings expectations, reporting $2.50 in EPS versus the $2.46 consensus estimate, and declared a quarterly dividend of $0.50, equivalent to a 1.9% yield.

Renaissance Technologies LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 188,800 shares of the company's stock, valued at approximately $16,263,000. Renaissance Technologies LLC owned about 0.24% of Pinnacle Financial Partners at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at about $26,000. High Point Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $27,000. BOKF NA raised its holdings in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after acquiring an additional 265 shares in the last quarter. Activest Wealth Management acquired a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock valued at $30,000 after purchasing an additional 173 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the transaction, the insider owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the topic of a number of analyst reports. Truist Financial upped their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a research note on Tuesday. Weiss Ratings raised shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Piper Sandler upped their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Finally, UBS Group increased their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $117.00.

Pinnacle Financial Partners Price Performance

PNFP opened at $105.35 on Friday. The firm has a fifty day moving average price of $98.77. The company has a market cap of $8.17 billion, a P/E ratio of 14.47, a PEG ratio of 0.42 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $107.00. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued 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 analyst estimates of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.2 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. Investors of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Pinnacle Financial Partners's dividend payout ratio is 27.47%.

Pinnacle Financial Partners 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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