Commerce Bank Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Commerce Bank bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 8,912 shares of the company’s stock, valued at approximately $899,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Resources Management Corp CT ADV acquired a new position in Pinnacle Financial Partners during the first quarter valued at approximately $26,000. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners in the third quarter worth $26,000. BOKF NA increased its position in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after acquiring an additional 265 shares in the last quarter. Activest Wealth Management purchased a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of Pinnacle Financial Partners by 97.7% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after acquiring an additional 173 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on PNFP. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Wells Fargo & Company increased their price target on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Robert W. Baird started coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Finally, TD Cowen upped their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Insider Activity at Pinnacle Financial Partners

In related news, insider M Terry Turner sold 66,783 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares of the company’s stock, valued at $32,643,862.30. This represents a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the acquisition, the insider directly owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 177,228 shares of company stock valued at $19,153,713. Company insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $101.75 on Thursday. The firm has a market capitalization of $7.89 billion, a PE ratio of 13.98, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. 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 stock has a 50-day simple moving average of $101.92.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.24 billion. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm 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 dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is 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.