Pallas Capital Advisors LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Pallas Capital Advisors LLC acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 5,315 shares of the company’s stock, valued at approximately $536,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC raised 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 during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after acquiring an additional 2,244,659 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Pinnacle Financial Partners in the third quarter valued at about $187,822,000. Alyeska Investment Group L.P. bought a new position in shares of Pinnacle Financial Partners during the fourth quarter valued at about $159,545,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Pinnacle Financial Partners during the second quarter valued at about $133,031,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NYSE PNFP opened at $101.76 on Thursday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. 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’s 50-day moving average is $101.35. The stock has a market capitalization of $7.89 billion, a PE ratio of 13.98, a P/E/G ratio of 0.42 and a beta of 1.03.

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

Pinnacle Financial Partners Announces Dividend

The company 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 $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 target price on the stock. Citigroup increased their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research note on Monday, July 27th. Finally, UBS Group upped their target price on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and a consensus target price of $118.35.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider M Terry Turner sold 66,783 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the transaction, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. This represents a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction on 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 acquisition, the insider owned 324,233 shares of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders sold 177,228 shares of company stock valued at $19,153,713. 1.30% of the stock is currently owned by company insiders.

About Pinnacle Financial Partners

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.