Wedmont Private Capital Acquires New Holdings in Pinnacle Financial Partners, Inc. $PNFP

Wedmont Private Capital bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,650 shares of the company’s stock, valued at approximately $732,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PNFP. Goldman Sachs Group Inc. boosted its position in Pinnacle Financial Partners by 6.2% during the first quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after purchasing an additional 37,989 shares in the last quarter. Focus Partners Wealth lifted its position in shares of Pinnacle Financial Partners by 13.9% during the first quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock valued at $504,000 after buying an additional 581 shares during the last quarter. Creative Planning boosted its holdings in shares of Pinnacle Financial Partners by 23.0% in the 2nd quarter. Creative Planning now owns 27,140 shares of the company’s stock valued at $2,996,000 after buying an additional 5,079 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Pinnacle Financial Partners by 3.3% in the 2nd quarter. Cetera Investment Advisers now owns 17,271 shares of the company’s stock valued at $1,907,000 after buying an additional 546 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Pinnacle Financial Partners by 15.5% in the 2nd quarter. Intech Investment Management LLC now owns 6,610 shares of the company’s stock worth $730,000 after buying an additional 886 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.9%

PNFP stock opened at $83.96 on Tuesday. The company has a market capitalization of $6.51 billion, a P/E ratio of 9.89, a P/E/G ratio of 0.38 and a beta of 1.02. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.32. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $120.46.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 6th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners’s payout ratio is 24.72%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PNFP shares. Keefe, Bruyette & Woods boosted their price objective on shares of Pinnacle Financial Partners from $95.00 to $100.00 and gave the stock a “market perform” rating in a research note on Friday, January 9th. Barclays lifted their price target on shares of Pinnacle Financial Partners from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Truist Financial set a $100.00 price target on Pinnacle Financial Partners in a research report on Friday, January 9th. Royal Bank Of Canada upgraded Pinnacle Financial Partners to a “moderate buy” rating in a report on Monday, January 5th. Finally, TD Cowen restated a “buy” rating on shares of Pinnacle Financial Partners in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $113.41.

Insider Activity

In other news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, with a total value of $94,520.00. Following the transaction, the chief financial officer directly owned 49,485 shares in the company, valued at approximately $4,677,322.20. The trade was a 2.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.46% of the stock is currently owned by insiders.

Pinnacle Financial Partners 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.