Trexquant Investment LP Purchases 4,989 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Trexquant Investment LP increased its stake in Pinnacle Financial Partners by 27.4%, acquiring an additional 4,989 shares and bringing its total holdings to 23,183 shares, valued at approximately $2,458,000.
• Multiple institutional investors, including Wellington Management Group and Principal Financial Group, also expanded their positions in Pinnacle Financial Partners, with institutional investors owning 87.40% of the stock.
• Pinnacle Financial Partners reported a quarterly EPS of $2.00, exceeding estimates, and announced a new $0.24 dividend, with an annualized yield of 1.0%.

Trexquant Investment LP increased its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,183 shares of the financial services provider's stock after acquiring an additional 4,989 shares during the period. Trexquant Investment LP's holdings in Pinnacle Financial Partners were worth $2,458,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PNFP. Landscape Capital Management L.L.C. lifted its holdings in shares of Pinnacle Financial Partners by 5.2% during the first quarter. Landscape Capital Management L.L.C. now owns 6,673 shares of the financial services provider's stock worth $708,000 after purchasing an additional 329 shares during the period. Next Century Growth Investors LLC lifted its holdings in shares of Pinnacle Financial Partners by 11.4% in the first quarter. Next Century Growth Investors LLC now owns 92,117 shares of the financial services provider's stock worth $9,768,000 after buying an additional 9,405 shares in the last quarter. Earnest Partners LLC increased its position in Pinnacle Financial Partners by 3.5% during the first quarter. Earnest Partners LLC now owns 693,404 shares of the financial services provider's stock valued at $73,529,000 after acquiring an additional 23,379 shares during the last quarter. Wealth Preservation Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $127,000. Finally, B. Metzler seel. Sohn & Co. AG raised its position in Pinnacle Financial Partners by 20.6% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 33,508 shares of the financial services provider's stock worth $3,553,000 after buying an additional 5,720 shares during the last quarter. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ:PNFP traded up $0.88 during trading on Monday, hitting $98.25. 424,188 shares of the company were exchanged, compared to its average volume of 772,981. The stock has a 50 day moving average of $101.61 and a 200 day moving average of $103.17. Pinnacle Financial Partners, Inc. has a 52-week low of $81.57 and a 52-week 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 has a market cap of $7.62 billion, a PE ratio of 13.03 and a beta of 1.07.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $495.27 million. During the same period in the previous year, the business earned $1.63 EPS. The company's quarterly revenue was up 15.1% compared to the same quarter last year. As a group, equities research analysts predict 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. Shareholders of record on Friday, August 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners's payout ratio is 12.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director Thomas C. Farnsworth III bought 1,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the transaction, the director owned 28,277 shares of the company's stock, valued at $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director G Kennedy Thompson purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director 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. Insiders acquired a total of 12,174 shares of company stock worth $1,047,079 over the last 90 days. Insiders own 1.46% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on PNFP shares. Barclays cut their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Truist Financial reaffirmed 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. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Citigroup lowered their target price on Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Four equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $113.50.

About Pinnacle Financial Partners

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.