Processus Wealth & Capital Management LLC Buys Shares of 7,151 Pinnacle Financial Partners, Inc. $PNFP

Processus Wealth & Capital Management LLC bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,151 shares of the company’s stock, valued at approximately $721,000.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 1,697.4% during the third 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 holdings in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock worth $433,712,000 after buying an additional 2,244,659 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Pinnacle Financial Partners in the 3rd quarter worth about $187,822,000. Alyeska Investment Group L.P. purchased a new position in Pinnacle Financial Partners in the 4th quarter worth about $159,545,000. Finally, Norges Bank bought a new position in Pinnacle Financial Partners during the 4th quarter valued at about $116,349,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price target on the stock. UBS Group boosted their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, April 24th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Benchmark raised their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. cut their target price 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. Two investment 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $118.35.

Insider Transactions at Pinnacle Financial Partners

In related news, insider M Terry Turner sold 2,737 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $108.01, for a total value of $295,623.37. Following the completion of the sale, the insider directly owned 422,614 shares of the company’s stock, valued at approximately $45,646,538.14. This represents a 0.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the purchase, the insider owned 324,233 shares in the company, valued at $32,390,876.70. This trade represents a 3.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $105.61 on Wednesday. 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 stock has a market cap of $8.19 billion, a price-to-earnings ratio of 14.51, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The business has a fifty day moving average of $100.06.

Pinnacle Financial Partners (NYSE:PNFP) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. On average, equities research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 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.