Ieq Capital LLC Invests $14.81 Million in Pinnacle Financial Partners, Inc. $PNFP

Ieq Capital LLC bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, Holdings Channel reports. The fund bought 146,831 shares of the company’s stock, valued at approximately $14,812,000.

Several other hedge funds have also bought and sold shares of PNFP. Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $26,000. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $26,000. High Point Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners in the 4th quarter valued at $27,000. BOKF NA boosted its holdings in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares in the last quarter. Finally, Activest Wealth Management purchased a new stake in Pinnacle Financial Partners during the fourth quarter worth $28,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of NYSE PNFP opened at $102.37 on Friday. The stock has a market cap of $7.94 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.41 and a beta of 1.03. The business has a fifty day moving average of $101.63. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, equities analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business 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 dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

Wall Street Analyst Weigh In

Several analysts recently commented on PNFP shares. Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. JPMorgan Chase & Co. decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Citigroup increased their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Piper Sandler raised their target price on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Two research 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $118.35.

Insider Activity

In related news, insider M Terry Turner sold 66,783 shares of the company’s 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 owned 302,230 shares in the company, valued at $32,643,862.30. This represents a 18.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. This represents a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have sold 177,228 shares of company stock valued at $19,153,713. 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.