1,318,701 Shares in Pinnacle Financial Partners, Inc. $PNFP Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 1,318,701 shares of Pinnacle Financial Partners valued at approximately $133 million, representing a 1.70% stake. Institutional investors collectively own 87.4% of PNFP.
• Pinnacle reported quarterly EPS of $2.50, exceeding the $2.46 consensus estimate, on revenue of $1.24 billion. The company declared a quarterly dividend of $0.50 per share, equivalent to a 2.0% annual yield.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $118.35, compared with the stock’s reported price of $102.37.

Bank of New York Mellon Corp bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,318,701 shares of the company's stock, valued at approximately $133,031,000. Bank of New York Mellon Corp owned 1.70% of Pinnacle Financial Partners at the end of the most recent reporting period.

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

Pinnacle Financial Partners Stock Performance

NYSE PNFP opened at $102.37 on Monday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The stock's fifty day moving average is $101.63. The company has a market cap of $7.94 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. As a group, analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

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

Insider Activity

In other Pinnacle Financial Partners news, insider M Terry Turner sold 66,783 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the sale, the insider owned 302,230 shares of the company's stock, valued at $32,643,862.30. This represents a 18.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction on Friday, July 24th. The shares were 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. The trade was a 3.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 over the last quarter. Corporate insiders own 1.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on PNFP shares. Piper Sandler raised their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Citigroup upped their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. TD Cowen increased their price objective 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. Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an "outperform" rating and a $115.00 price objective for the company. Finally, Benchmark upped their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Two equities 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $118.35.

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.

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