Bull Harbor Capital LLC Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Bull Harbor Capital LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,252 shares of the company’s stock, valued at approximately $1,055,000.

Other hedge funds also recently added to or reduced their stakes in the company. Arkadios Wealth Advisors purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at about $253,000. South Dakota Investment Council purchased a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth approximately $172,000. Smith Group Asset Management LLC boosted its stake in shares of Pinnacle Financial Partners by 113.8% during the first quarter. Smith Group Asset Management LLC now owns 8,423 shares of the company’s stock valued at $726,000 after purchasing an additional 4,484 shares in the last quarter. Amundi bought a new position in shares of Pinnacle Financial Partners during the first quarter valued at approximately $26,638,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Pinnacle Financial Partners by 15.3% during the first quarter. EverSource Wealth Advisors LLC now owns 24,276 shares of the company’s stock valued at $2,091,000 after buying an additional 3,216 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Pinnacle Financial Partners Stock Down 0.6%

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. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 0.42 and a beta of 1.04. The stock’s 50 day moving average price is $98.45. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $107.00.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.2 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend 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%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction dated Friday, July 24th. The stock was purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday. UBS Group increased their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, April 24th. DA Davidson lifted their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Citigroup lifted their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Finally, Evercore reissued an “outperform” rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Two 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $117.00.

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.