Quantbot Technologies LP Takes $1.12 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Quantbot Technologies LP acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,087 shares of the company’s stock, valued at approximately $1,118,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Pinnacle Financial Partners during the 2nd quarter worth $1,704,708,000. AQR Capital Management LLC grew its position in shares of Pinnacle Financial Partners by 1,697.4% in the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after purchasing an additional 3,085,867 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. bought a new position in shares of Pinnacle Financial Partners in the third quarter worth about $187,822,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth about $159,545,000. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $100.91 on Wednesday. The company has a market capitalization of $7.83 billion, a PE ratio of 13.86, a P/E/G ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The business has a fifty day moving average price of $101.79. 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 (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping 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 anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PNFP. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Evercore reaffirmed an “outperform” rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. TD Cowen upped their price target on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Truist Financial increased their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Benchmark raised 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 note on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $118.35.

Insider Activity

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were acquired at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider M Terry Turner sold 54,107 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the transaction, the insider directly owned 248,123 shares of the company’s stock, valued at $26,829,539.99. This trade represents a 17.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by company insiders.

About Pinnacle Financial Partners

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.