Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Purchased by Beacon Capital Management LLC

Beacon Capital Management LLC raised its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 473.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,720 shares of the financial services provider’s stock after buying an additional 1,420 shares during the quarter. Beacon Capital Management LLC’s holdings in Pinnacle Financial Partners were worth $97,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PNFP. Bank of New York Mellon Corp increased its holdings in Pinnacle Financial Partners by 0.3% in the 1st quarter. Bank of New York Mellon Corp now owns 741,029 shares of the financial services provider’s stock valued at $40,875,000 after purchasing an additional 2,216 shares in the last quarter. Retirement Systems of Alabama raised its holdings in shares of Pinnacle Financial Partners by 10.5% during the 1st quarter. Retirement Systems of Alabama now owns 272,256 shares of the financial services provider’s stock valued at $15,018,000 after buying an additional 25,886 shares during the period. King Luther Capital Management Corp lifted its position in Pinnacle Financial Partners by 1.0% during the 1st quarter. King Luther Capital Management Corp now owns 53,100 shares of the financial services provider’s stock worth $2,929,000 after acquiring an additional 529 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Pinnacle Financial Partners in the 4th quarter worth approximately $398,000. Finally, Phocas Financial Corp. purchased a new stake in shares of Pinnacle Financial Partners during the first quarter valued at approximately $2,715,000. Hedge funds and other institutional investors own 82.91% of the company’s stock.

Pinnacle Financial Partners Stock Performance

Shares of NASDAQ PNFP traded down $0.12 during mid-day trading on Tuesday, hitting $66.28. The company had a trading volume of 12,088 shares, compared to its average volume of 683,669. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 8.33 and a beta of 1.18. Pinnacle Financial Partners, Inc. has a 12 month low of $43.31 and a 12 month high of $89.00. The firm’s 50 day simple moving average is $68.77 and its two-hundred day simple moving average is $59.44.

Pinnacle Financial Partners (NASDAQ:PNFP) last posted its earnings results on Wednesday, July 19th. The financial services provider reported $1.79 EPS for the quarter, topping the consensus estimate of $1.63 by $0.16. The firm had revenue of $489.23 million during the quarter, compared to analysts’ expectations of $412.20 million. Pinnacle Financial Partners had a net margin of 26.38% and a return on equity of 10.49%. Pinnacle Financial Partners’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.86 EPS. As a group, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 6.89 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 4th were given a dividend of $0.22 per share. The ex-dividend date was Thursday, August 3rd. This represents a $0.88 dividend on an annualized basis and a yield of 1.33%. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 11.04%.

Analyst Ratings Changes

Several research firms have recently weighed in on PNFP. JPMorgan Chase & Co. boosted their target price on shares of Pinnacle Financial Partners from $65.00 to $71.00 in a research report on Thursday, June 29th. TheStreet downgraded Pinnacle Financial Partners from a “b-” rating to a “c+” rating in a report on Wednesday, June 7th. Truist Financial boosted their price target on Pinnacle Financial Partners from $61.00 to $73.00 and gave the company a “buy” rating in a report on Thursday, July 20th. Finally, StockNews.com initiated coverage on Pinnacle Financial Partners in a research note on Thursday, August 17th. They set a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.25.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts.