Polar Asset Management Partners Inc. Buys Shares of 254,471 Pinnacle Financial Partners, Inc. $PNFP

Polar Asset Management Partners Inc. purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 254,471 shares of the company’s stock, valued at approximately $25,671,000. Polar Asset Management Partners Inc. owned about 0.33% of Pinnacle Financial Partners as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. raised its holdings 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 buying an additional 37,989 shares in the last quarter. Focus Partners Wealth increased its stake in 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 acquiring an additional 581 shares during the period. Amundi raised its holdings in Pinnacle Financial Partners by 25,700.0% in the 2nd 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 bought a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth approximately $229,000. Finally, Cerity Partners LLC lifted its position in shares of Pinnacle Financial Partners by 4.2% in the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock worth $2,877,000 after acquiring an additional 1,039 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Activity

In other Pinnacle Financial Partners news, insider M Terry Turner sold 54,107 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the transaction, the insider directly owned 248,123 shares in the company, valued at $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, 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. The SEC filing for this purchase provides additional information. In the last ninety days, insiders sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Trading Down 0.4%

Shares of PNFP opened at $100.91 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $7.83 billion, a PE ratio of 13.86, a PEG ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The stock has a 50 day moving average of $101.79.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. On average, sell-side analysts forecast 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. Stockholders of record on Friday, August 7th will be issued 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 2.0%. Pinnacle Financial Partners’s dividend payout ratio is presently 27.47%.

Analyst Ratings Changes

PNFP has been the topic of several recent research reports. DA Davidson lifted their price objective on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Piper Sandler raised their target price on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Weiss Ratings upgraded shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Evercore reissued an “outperform” rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Finally, TD Cowen increased their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of “Moderate Buy” and a consensus price target 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.