Sei Investments Co. Increases Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Sei Investments Co. boosted its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 94.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,438 shares of the company’s stock after buying an additional 116,209 shares during the period. Sei Investments Co.’s holdings in Pinnacle Financial Partners were worth $20,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNFP. AQR Capital Management LLC boosted its holdings in 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 worth $306,474,000 after acquiring an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings 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 valued at $433,712,000 after acquiring an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $187,822,000. Alyeska Investment Group L.P. purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $159,545,000. Finally, Norges Bank purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at approximately $116,349,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PNFP. Benchmark dropped their target price on shares of Pinnacle Financial Partners from $132.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. JPMorgan Chase & Co. decreased their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Evercore reissued an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research note on Monday. Finally, Piper Sandler lifted their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $117.00.

Pinnacle Financial Partners Trading Down 0.6%

Shares of NYSE PNFP opened at $104.66 on Thursday. 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 12 month low of $81.08 and a 12 month high of $107.00. The company’s 50 day simple moving average is $98.45. The firm has a market cap of $8.12 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS 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 business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Analysts forecast that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio is presently 27.47%.

Insiders Place Their Bets

In related news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.