71,805 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Squarepoint Ops LLC

Squarepoint Ops LLC purchased a new position in shares of 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 fund purchased 71,805 shares of the company’s stock, valued at approximately $7,244,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PNFP. Northwestern Mutual Wealth Management Co. boosted its position in shares of Pinnacle Financial Partners by 122.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock worth $1,544,000 after acquiring an additional 8,927 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Pinnacle Financial Partners during the second quarter worth approximately $4,292,000. BlackRock Inc. acquired a new position in Pinnacle Financial Partners in the second quarter valued at approximately $1,704,708,000. Man Group plc purchased a new position in Pinnacle Financial Partners in the second quarter valued at approximately $19,969,000. Finally, Harbor Advisors LLC purchased a new position in Pinnacle Financial Partners in the first quarter valued at approximately $1,034,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on PNFP shares. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Evercore reaffirmed an “outperform” rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. TD Cowen boosted their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Piper Sandler raised their price objective on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $119.39.

Pinnacle Financial Partners Trading Up 0.1%

Shares of PNFP opened at $99.19 on Friday. The business’s 50 day simple moving average is $102.28. The stock has a market capitalization of $7.69 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during 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%. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is presently 27.47%.

Insider Activity

In related news, CEO Kevin S. Blair purchased 2,565 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were purchased at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the transaction, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at approximately $14,855,659.56. The trade was a 1.71% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders sold 177,228 shares of company stock valued at $19,153,713. Insiders own 1.30% of the company’s stock.

About Pinnacle Financial Partners

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

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.