Formuepleje A S Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Formuepleje A S bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 17,296 shares of the company’s stock, valued at approximately $1,745,000.

A number of other large investors have also added to or reduced their stakes in PNFP. California State Teachers Retirement System purchased a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $1,785,576,000. BlackRock Inc. purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth $1,704,708,000. Wellington Management Group LLP grew its holdings in shares of Pinnacle Financial Partners by 22.1% in the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company’s stock worth $1,123,944,000 after acquiring an additional 2,016,827 shares during the period. AQR Capital Management LLC increased its position in Pinnacle Financial Partners by 63.1% during the fourth quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock valued at $508,551,000 after acquiring an additional 2,062,504 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after acquiring an additional 2,244,659 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Trading Up 0.1%

Pinnacle Financial Partners stock opened at $101.09 on Monday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. The business has a 50 day moving average price of $102.31. 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 issued its quarterly 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 business had revenue of $1.24 billion for 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, analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M. Turner sold 66,783 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares of the company’s stock, valued at $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction dated Friday, July 24th. The stock was acquired 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 directly 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 disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. TD Cowen raised their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Wall Street Zen raised shares of Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Robert W. Baird began coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective on the stock. Benchmark raised their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, Truist Financial boosted their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Two research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.35.

Pinnacle Financial Partners 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.