Fulcrum Asset Management LLP Buys 7,249 Shares of Pinnacle Financial Partners, Inc. $PNFP

Fulcrum Asset Management LLP purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the third quarter, HoldingsChannel reports. The fund purchased 7,249 shares of the company’s stock, valued at approximately $678,000.

Several other large investors have also added to or reduced their stakes in PNFP. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners in the second quarter valued at about $1,704,708,000. Dimensional Fund Advisors LP raised its stake in shares of Pinnacle Financial Partners by 80.4% during the 1st 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. Wellington Management Group LLP lifted its holdings in Pinnacle Financial Partners by 22.1% in the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock valued at $1,123,944,000 after acquiring an additional 2,016,827 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at $133,031,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Pinnacle Financial Partners in the second quarter worth about $117,624,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director Gregory Montana purchased 500 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, September 10th. The stock was purchased at an average price of $98.61 per share, for a total transaction of $49,305.00. Following the transaction, the director directly owned 4,959 shares in the company, valued at approximately $489,006.99. This trade represents a 11.21% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider M. Turner sold 54,107 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the transaction, the insider directly owned 248,123 shares in the company, valued at $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have bought 13,065 shares of company stock valued at $1,290,941. Corporate insiders own 1.30% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NYSE PNFP opened at $99.33 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a fifty day moving average of $97.84 and a 200 day moving average of $97.09. The firm has a market cap of $15.01 billion, a PE ratio of 10.37, a PEG ratio of 0.39 and a beta of 1.04. 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, October 21st. The company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.07. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Friday, November 6th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 6th. 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 26.70%.

Analysts Set New Price Targets

A number of research firms have recently commented on PNFP. Robert W. Baird raised their target price on Pinnacle Financial Partners from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, October 23rd. Evercore reaffirmed an “outperform” rating on shares of Pinnacle Financial Partners in a report on Tuesday, October 27th. Truist Financial increased their price target on Pinnacle Financial Partners from $112.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 28th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research report on Monday, July 27th. Finally, Morgan Stanley raised their price objective on Pinnacle Financial Partners from $139.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.15.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc. is a financial services company headquartered in Nashville, Tennessee. Founded in 2000, it operates Pinnacle Bank and provides banking and related financial services to individuals, businesses and other organizations. Its services include commercial and consumer banking, lending, treasury management, mortgage banking, wealth management, trust services and insurance. The company has built a regional presence across Tennessee and other Southeastern and Mid-Atlantic markets, including North Carolina, South Carolina, Georgia and Virginia.