Rayburn West Financial Services LLC Makes New $893,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

Rayburn West Financial Services LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 8,849 shares of the company’s stock, valued at approximately $893,000.

Several other hedge funds have also made changes to their positions in PNFP. Resources Management Corp CT ADV purchased a new position in shares of Pinnacle Financial Partners during the first quarter valued at $26,000. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners in the third quarter valued at about $26,000. High Point Wealth Management LLC purchased a new stake in Pinnacle Financial Partners in the fourth quarter worth about $27,000. BOKF NA lifted its stake in 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 during the period. Finally, Activest Wealth Management purchased a new position in Pinnacle Financial Partners during the 4th quarter valued at about $28,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider M Terry Turner sold 66,783 shares of the firm’s 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 sale, the insider directly owned 302,230 shares of the company’s stock, valued at $32,643,862.30. The trade was a 18.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 177,228 shares of company stock worth $19,153,713. Insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PNFP shares. JPMorgan Chase & Co. reduced their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Evercore reiterated an “outperform” rating and set a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. 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. TD Cowen boosted their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $118.35.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $104.63 on Wednesday. The firm has a 50-day moving average price of $101.17. 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 fifty-two week low of $81.08 and a fifty-two week high of $110.33. The company has a market cap of $8.12 billion, a PE ratio of 14.37, a P/E/G ratio of 0.43 and a beta of 1.03.

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

Pinnacle Financial Partners Dividend Announcement

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