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

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

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its holdings in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after buying an additional 37,989 shares during the period. Focus Partners Wealth boosted its holdings in Pinnacle Financial Partners by 13.9% in the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after acquiring an additional 581 shares during the period. Amundi grew its position in Pinnacle Financial Partners by 25,700.0% in the second quarter. Amundi now owns 4,386 shares of the company’s stock valued at $513,000 after acquiring an additional 4,369 shares in the last quarter. Jump Financial LLC acquired a new stake in Pinnacle Financial Partners in the second quarter valued at approximately $229,000. Finally, Cerity Partners LLC raised its stake in shares of Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after purchasing an additional 1,039 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Insider Activity

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

Pinnacle Financial Partners Trading Up 0.9%

PNFP stock opened at $106.66 on Thursday. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33. 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 firm has a market capitalization of $8.27 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.42 and a beta of 1.03. The stock’s 50 day moving average is $100.32.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

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 given 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 payout ratio is presently 27.47%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup boosted 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 report on Thursday, June 25th. 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 report on Monday. JPMorgan Chase & Co. dropped their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Truist Financial boosted their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.35.

About Pinnacle Financial Partners

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.