Korea Investment CORP Invests $6.70 Million in Pinnacle Financial Partners, Inc. $PNFP

Korea Investment CORP acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, Holdings Channel reports. The firm acquired 66,377 shares of the company’s stock, valued at approximately $6,696,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners in the 1st quarter valued at $26,000. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners during the third quarter worth about $26,000. High Point Wealth Management LLC purchased a new stake in shares of Pinnacle Financial Partners in the fourth quarter worth about $27,000. BOKF NA boosted its position in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares during the period. Finally, Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Analysts Set New Price Targets

PNFP has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. TD Cowen upped their target price 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. JPMorgan Chase & Co. lowered their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Robert W. Baird initiated coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Finally, Citigroup raised their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $101.46 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The business has a 50-day simple moving average of $101.74. 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 company has a market cap of $7.87 billion, a P/E ratio of 13.94, a P/E/G ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company’s stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider M Terry Turner sold 66,783 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the transaction, the insider owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 177,228 shares of company stock worth $19,153,713. Corporate insiders own 1.30% of the company’s stock.

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.