OneDigital Investment Advisors LLC Takes $524,000 Position in Pinnacle Financial Partners, Inc. $PNFP

OneDigital Investment Advisors LLC bought 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 (SEC). The firm bought 5,193 shares of the company’s stock, valued at approximately $524,000.

Other large investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Pinnacle Financial Partners by 1,697.4% during the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company’s stock valued at $306,474,000 after buying an additional 3,085,867 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after buying an additional 2,244,659 shares during the last quarter. Nomura Holdings Inc. purchased a new position in shares of Pinnacle Financial Partners in the third quarter worth $187,822,000. Alyeska Investment Group L.P. purchased a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $159,545,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Pinnacle Financial Partners during the second quarter worth $133,031,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the transaction, the insider directly owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were purchased 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. This trade represents a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last quarter. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on PNFP. Piper Sandler raised their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. UBS Group boosted their price target on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. 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. Robert W. Baird initiated 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. Finally, Citigroup raised their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.35.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $104.63 on Wednesday. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 0.43 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The company has a 50 day moving average of $101.17. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.24 billion. As a group, analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

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.