110,255 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Diamond Hill Capital Management LLC Investment Advisor

Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 110,255 shares of the company’s stock, valued at approximately $11,123,000.

Other large investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its stake in shares of Pinnacle Financial Partners by 1.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock valued at $704,000 after buying an additional 116 shares in the last quarter. Villanova Investment Management Co LLC grew its position in Pinnacle Financial Partners by 0.4% in the 4th 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 increased its stake in Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares during the period. Whittier Trust Co. boosted its stake in shares of Pinnacle Financial Partners by 10.1% in the fourth quarter. Whittier Trust Co. now owns 1,521 shares of the company’s stock valued at $145,000 after purchasing an additional 140 shares during the period. Finally, Graham Capital Management L.P. grew its holdings in shares of Pinnacle Financial Partners by 0.7% in the fourth quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after purchasing an additional 146 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider owned 324,233 shares in the company, valued at $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider M Terry Turner sold 54,107 shares of the business’s 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 sale, the insider owned 248,123 shares in the company, valued at $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 over the last 90 days. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. UBS Group raised their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Evercore reaffirmed an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Finally, Benchmark increased their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus price target of $118.35.

Pinnacle Financial Partners Trading Down 0.6%

Shares of PNFP opened at $107.40 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 0.43 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The business’s 50 day simple moving average is $100.99.

Pinnacle Financial Partners (NYSE:PNFP) last posted 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 return on equity of 10.93% and a net margin of 15.40%.The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders 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 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

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.