StoneX Group Inc. Purchases New Stake in Pinnacle Financial Partners, Inc. $PNFP

StoneX Group Inc. purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the third quarter, Holdings Channel reports. The institutional investor purchased 8,276 shares of the company’s stock, valued at approximately $803,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of America Corp DE purchased a new stake in shares of Pinnacle Financial Partners during the second quarter worth $70,269,000. Public Employees Retirement System of Ohio bought a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $4,292,000. BlackRock Inc. bought a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $1,704,708,000. Man Group plc purchased a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $19,969,000. Finally, Tectonic Advisors LLC lifted its holdings in Pinnacle Financial Partners by 44.0% during the 3rd quarter. Tectonic Advisors LLC now owns 115,947 shares of the company’s stock worth $10,854,000 after purchasing an additional 35,453 shares in the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

PNFP stock opened at $102.83 on Wednesday. The firm has a 50 day simple moving average of $97.75 and a two-hundred day simple moving average of $97.04. The stock has a market cap of $15.54 billion, a PE ratio of 10.48, a P/E/G ratio of 0.40 and a beta of 1.04. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.93 and a quick ratio of 0.93.

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. Pinnacle Financial Partners had a net margin of 15.97% and a return on equity of 11.33%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.28 billion. On average, analysts predict that Pinnacle Financial Partners, Inc. will post 10.25 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Friday, November 6th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 1.9%. Pinnacle Financial Partners’s payout ratio is currently 26.70%.

Analyst Upgrades and Downgrades

PNFP has been the subject of a number of recent analyst reports. Royal Bank Of Canada lifted their target price on Pinnacle Financial Partners from $117.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, October 23rd. TD Cowen upped their price target on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Friday, October 23rd. Wells Fargo & Company raised shares of Pinnacle Financial Partners from an “equal weight” rating to an “overweight” rating and set a $118.00 price target on the stock in a report on Wednesday, September 30th. Hovde Group assumed coverage on shares of Pinnacle Financial Partners in a research report on Wednesday, September 16th. They issued an “outperform” rating and a $125.00 price objective for the company. Finally, Truist Financial raised their price objective on shares of Pinnacle Financial Partners from $112.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and an average target price of $120.15.

Insider Transactions at Pinnacle Financial Partners

In related news, Director David B. Ingram acquired 10,000 shares of the stock in a transaction on Wednesday, October 28th. The stock was purchased at an average price of $99.16 per share, for a total transaction of $991,600.00. Following the completion of the transaction, the director owned 75,182 shares of the company’s stock, valued at $7,455,047.12. This trade represents a 15.34% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Allan E. Kamensky sold 5,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $104.62, for a total transaction of $523,100.00. Following the transaction, the insider directly owned 43,940 shares of the company’s stock, valued at approximately $4,597,002.80. This trade represents a 10.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have bought 13,065 shares of company stock valued at $1,290,941 and have sold 179,491 shares valued at $19,381,190. Corporate insiders own 1.30% of the company’s stock.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc. is a financial services company headquartered in Nashville, Tennessee. Founded in 2000, it operates Pinnacle Bank and provides banking and related financial services to individuals, businesses and other organizations. Its services include commercial and consumer banking, lending, treasury management, mortgage banking, wealth management, trust services and insurance. The company has built a regional presence across Tennessee and other Southeastern and Mid-Atlantic markets, including North Carolina, South Carolina, Georgia and Virginia.