61,711 Shares of Pinnacle Financial Partners, Inc. $PNFP Purchased by Reliant Investment Management LLC

Reliant Investment Management LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 61,711 shares of the company’s stock, valued at approximately $5,777,000. Pinnacle Financial Partners accounts for 2.0% of Reliant Investment Management LLC’s holdings, making the stock its 24th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brown Financial Advisors increased its stake in shares of Pinnacle Financial Partners by 2.7% during the second quarter. Brown Financial Advisors now owns 4,019 shares of the company’s stock worth $405,000 after buying an additional 105 shares during the period. Villanova Investment Management Co LLC raised its holdings in Pinnacle Financial Partners by 0.4% in the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after acquiring an additional 118 shares in the last quarter. Simplicity Wealth LLC raised its holdings in Pinnacle Financial Partners by 1.5% in the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock valued at $789,000 after acquiring an additional 131 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted its stake in Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock worth $30,000 after acquiring an additional 173 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Pinnacle Financial Partners by 1.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,269 shares of the company’s stock worth $935,000 after acquiring an additional 174 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In related news, CEO Kevin Blair acquired 2,565 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were bought at an average price of $97.48 per share, with a total value of $250,036.20. Following the completion of the acquisition, the chief executive officer owned 152,397 shares in the company, valued at $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gregory Montana acquired 500 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, September 10th. The shares were bought at an average price of $98.61 per share, with a total value of $49,305.00. Following the transaction, the director directly owned 4,959 shares in the company, valued at approximately $489,006.99. The trade was a 11.21% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. 1.30% of the stock is owned by corporate insiders.

Pinnacle Financial Partners Trading Down 0.8%

PNFP opened at $92.80 on Thursday. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The company has a market cap of $7.20 billion, a P/E ratio of 9.95, a PEG ratio of 0.38 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The business’s 50-day simple moving average is $99.12 and its 200-day simple moving average is $97.83.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.20 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. TD Cowen lowered their price target on shares of Pinnacle Financial Partners from $119.00 to $115.00 and set a “buy” rating for the company in a report on Monday, October 5th. DA Davidson raised their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Truist Financial decreased their price objective on shares of Pinnacle Financial Partners from $118.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Pinnacle Financial Partners from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.47.

Pinnacle Financial Partners Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides full-service banking and related financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.