Summit Asset Management LLC Acquires New Holdings in Pinnacle Financial Partners, Inc. $PNFP

Summit Asset Management LLC bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,902 shares of the company’s stock, valued at approximately $696,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of Pinnacle Financial Partners by 63.1% during the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after buying an additional 2,062,504 shares during the period. Dimensional Fund Advisors LP raised its holdings in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after acquiring an additional 2,244,659 shares during the period. State Street Corp lifted its position in Pinnacle Financial Partners by 5.5% during the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock worth $329,350,000 after acquiring an additional 179,819 shares during the last quarter. Wellington Management Group LLP lifted its position in Pinnacle Financial Partners by 42.2% during the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock worth $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Pinnacle Financial Partners by 9.6% during the fourth quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock valued at $208,765,000 after acquiring an additional 191,292 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

PNFP opened at $107.94 on Friday. The company has a market cap of $8.37 billion, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 0.43 and a beta of 1.03. 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 50-day moving average price of $100.77. 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 announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 27.47%.

Analyst Ratings Changes

PNFP has been the topic of several research analyst reports. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Evercore reissued an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Benchmark increased their target price 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. Wells Fargo & Company raised their target price 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. Finally, Weiss Ratings raised 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.35.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider M Terry Turner sold 2,737 shares of Pinnacle Financial Partners stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $108.01, for a total value of $295,623.37. Following the completion of the transaction, the insider 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 acquired at an average cost of $99.90 per share, with a total value 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. The trade was a 3.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 1.30% of the company’s stock.

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.