Proficio Capital Partners LLC Invests $765,000 in Pinnacle Financial Partners, Inc. $PNFP

Proficio Capital Partners LLC acquired a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, HoldingsChannel reports. The firm acquired 7,582 shares of the company’s stock, valued at approximately $765,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $1,704,708,000. Wellington Management Group LLP lifted its stake in Pinnacle Financial Partners by 22.1% in the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock valued at $1,123,944,000 after buying an additional 2,016,827 shares during the period. AQR Capital Management LLC boosted its stake in Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after acquiring an additional 2,062,504 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Finally, State Street Corp increased its position in shares of Pinnacle Financial Partners by 5.5% during the fourth quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after acquiring an additional 179,819 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Evercore restated an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Piper Sandler lifted their price objective on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Citigroup lifted their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Benchmark upped their price target on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, Wells Fargo & Company upped their price objective on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Monday, August 10th. Two equities research 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $118.35.

Pinnacle Financial Partners Stock Performance

Shares of NYSE PNFP opened at $97.02 on Wednesday. The firm has a market cap of $7.53 billion, a PE ratio of 13.33, a P/E/G ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The company has a 50 day simple moving average of $102.20. 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 announced its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

Insiders Place Their Bets

In related news, insider M Terry Turner sold 66,783 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider owned 302,230 shares in the company, valued at $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The shares were purchased at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the transaction, the insider directly owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 177,228 shares of company stock valued at $19,153,713 in the last three months. 1.30% of the stock is owned by insiders.

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.