Pinnacle Financial Partners, Inc. $PNFP Holdings Lifted by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 9.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 364,045 shares of the company’s stock after purchasing an additional 30,451 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Pinnacle Financial Partners were worth $34,078,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth approximately $1,704,708,000. Dimensional Fund Advisors LP grew 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. Wellington Management Group LLP grew its holdings in Pinnacle Financial Partners by 22.1% in the 2nd quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock worth $1,123,944,000 after buying an additional 2,016,827 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $133,031,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $117,624,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

Shares of NYSE PNFP opened at $101.51 on Friday. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33. The company has a current ratio of 0.93, a quick ratio of 0.85 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 0.40 and a beta of 1.04. The firm has a 50-day moving average of $97.67 and a two-hundred day moving average of $96.95.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.07. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates 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, analysts expect that Pinnacle Financial Partners, Inc. will post 10.25 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, 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 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 26.70%.

Analyst Upgrades and Downgrades

PNFP has been the topic of several recent analyst reports. Wells Fargo & Company raised Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 target price on the stock in a research note on Wednesday, September 30th. DA Davidson boosted their price target on Pinnacle Financial Partners from $112.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research note on Monday, July 27th. Weiss Ratings lowered Pinnacle Financial Partners from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, October 29th. Finally, Robert W. Baird lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $120.15.

Insider Buying and Selling at Pinnacle Financial Partners

In related news, Director David Ingram bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 28th. The shares were acquired at an average cost of $99.16 per share, for a total transaction of $991,600.00. Following the acquisition, the director directly owned 75,182 shares of the company’s stock, valued at $7,455,047.12. The trade was a 15.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gregory Montana bought 500 shares of the business’s stock in a transaction dated Thursday, September 10th. The shares were bought at an average cost of $98.61 per share, for a total transaction of $49,305.00. Following the completion of the transaction, the director directly owned 4,959 shares of the company’s stock, valued at $489,006.99. This trade represents a 11.21% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 13,065 shares of company stock worth $1,290,941 and sold 179,491 shares worth $19,381,190. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its primary subsidiary, Pinnacle Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.