Waverly Advisors LLC Grows Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Waverly Advisors increased its Pinnacle Financial Partners stake by 705.8% in the first quarter, bringing its holdings to 34,334 shares valued at approximately $2.96 million. Institutional investors collectively own 87.4% of PNFP.
• Analysts maintain a favorable outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $117.00; Citigroup and Truist recently raised their targets.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding estimates by $0.04, and declared a $0.50 quarterly dividend, equivalent to a 1.9% yield. Insider Robert A. McCabe Jr. also purchased roughly $1 million in company shares.

Waverly Advisors LLC increased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 705.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,334 shares of the company's stock after purchasing an additional 30,073 shares during the quarter. Waverly Advisors LLC's holdings in Pinnacle Financial Partners were worth $2,958,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNFP. Entropy Technologies LP acquired a new stake in shares of Pinnacle Financial Partners during the first quarter valued at about $1,735,000. Renaissance Technologies LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $16,263,000. Gabelli Funds LLC acquired a new position in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $7,902,000. Gamco Investors INC. ET AL purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $11,279,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Pinnacle Financial Partners by 17.0% during the 1st quarter. Public Employees Retirement System of Ohio now owns 43,358 shares of the company's stock worth $3,735,000 after purchasing an additional 6,304 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PNFP shares. Citigroup boosted their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Weiss Ratings upgraded Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 26th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a "buy" rating in a research note on Tuesday. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. Finally, Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an "outperform" rating and a $115.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus price target of $117.00.

Pinnacle Financial Partners Stock Performance

Shares of Pinnacle Financial Partners stock opened at $104.66 on Thursday. The stock's 50-day moving average is $98.45. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $107.00. The firm has a market capitalization of $8.12 billion, a P/E ratio of 14.38, a PEG ratio of 0.42 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. On average, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.2 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. Pinnacle Financial Partners's dividend payout ratio is currently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction dated Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares of the company's stock, valued at $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.30% of the company's stock.

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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