SCS Capital Management LLC Makes New $855,000 Investment in Pinnacle Financial Partners, Inc. $PNFP

SCS Capital Management LLC bought a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,479 shares of the company’s stock, valued at approximately $855,000.

Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in Pinnacle Financial Partners during the second quarter worth $133,031,000. Focus Partners Advisor Solutions LLC acquired a new stake in Pinnacle Financial Partners in the second quarter valued at $1,012,000. State of Wyoming purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth $261,000. Summit Asset Management LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth $696,000. Finally, Processus Wealth & Capital Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth $721,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Down 0.1%

Pinnacle Financial Partners stock opened at $107.94 on Monday. The stock has a market cap of $8.37 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 0.43 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The stock has a 50-day simple moving average of $100.77. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last posted 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. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate 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 expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is 27.47%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PNFP shares. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Citigroup upped 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 increased their target price 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, August 10th. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Finally, Piper Sandler boosted their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $118.35.

Insider Activity

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

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.