Private Management Group Inc. Acquires 120,311 Shares of Pinnacle Financial Partners, Inc. $PNFP

Private Management Group Inc. boosted its holdings in Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 96.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 245,160 shares of the company’s stock after buying an additional 120,311 shares during the quarter. Private Management Group Inc. owned 0.32% of Pinnacle Financial Partners worth $22,994,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of PNFP. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners in the third quarter worth approximately $26,000. Jump Financial LLC lifted its position in Pinnacle Financial Partners by 1,201.0% during the third quarter. Jump Financial LLC now owns 26,943 shares of the company’s stock valued at $2,527,000 after purchasing an additional 24,872 shares during the period. Marshall Wace LLP purchased a new stake in Pinnacle Financial Partners in the third quarter worth approximately $8,720,000. Entropy Technologies LP purchased a new stake in Pinnacle Financial Partners in the third quarter worth approximately $1,730,000. Finally, Johnson Financial Group Inc. bought a new stake in Pinnacle Financial Partners in the 3rd quarter worth approximately $61,000. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Down 0.9%

PNFP opened at $82.83 on Friday. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of 10.24, a price-to-earnings-growth ratio of 0.38 and a beta of 1.02. Pinnacle Financial Partners, Inc. has a 1-year low of $81.57 and a 1-year high of $120.46. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.89 and a current ratio of 0.89.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, February 27th. Investors of record on Friday, February 6th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, February 6th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is currently 24.72%.

Insiders Place Their Bets

In related news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer owned 49,485 shares of the company’s stock, valued at approximately $4,677,322.20. This trade represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.46% of the company’s stock.

Analyst Ratings Changes

PNFP has been the subject of a number of research reports. Evercore reiterated an “outperform” rating on shares of Pinnacle Financial Partners in a research note on Thursday, February 5th. Piper Sandler raised their price target on Pinnacle Financial Partners from $120.00 to $122.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Citigroup lifted their price objective on Pinnacle Financial Partners from $118.00 to $122.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Weiss Ratings initiated coverage on Pinnacle Financial Partners in a research report on Monday. They set a “hold (c+)” rating for the company. Finally, Royal Bank Of Canada raised Pinnacle Financial Partners to a “moderate buy” rating in a report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $113.41.

Pinnacle Financial Partners Company Profile

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.