Simplicity Wealth LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Simplicity Wealth LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 8,995 shares of the company’s stock, valued at approximately $907,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Resources Management Corp CT ADV bought a new stake in Pinnacle Financial Partners during the first quarter worth about $26,000. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. High Point Wealth Management LLC bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $27,000. BOKF NA lifted its holdings in shares of Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after acquiring an additional 265 shares during the period. Finally, Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter worth approximately $28,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The stock was acquired at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the purchase, the insider owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider M Terry Turner sold 2,737 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $108.01, for a total value of $295,623.37. Following the transaction, the insider directly owned 422,614 shares in the company, valued at approximately $45,646,538.14. The trade was a 0.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.30% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Down 0.1%

NYSE:PNFP opened at $107.94 on Monday. The company has a fifty day moving average of $100.77. The company has a market cap of $8.37 billion, a price-to-earnings ratio of 14.83, a P/E/G ratio of 0.43 and a beta of 1.03. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Analyst Ratings Changes

Several research firms have weighed in on PNFP. Evercore restated an “outperform” rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. TD Cowen boosted their price target on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Robert W. Baird started coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Benchmark raised 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. Finally, Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

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.