19,645 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 19,645 shares of Pinnacle Financial Partners in the second quarter, valued at approximately $1.98 million. Institutional investors collectively own 87.4% of the company.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $118.35. Recent targets range from $112 to $120.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding estimates by $0.04, and pays a quarterly dividend of $0.50 per share, representing a 2.0% annualized yield.

Corient Private Wealth LP acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 19,645 shares of the company's stock, valued at approximately $1,982,000.

A number of other institutional investors also recently added to or reduced their stakes in PNFP. Resources Management Corp CT ADV purchased a new position in shares of Pinnacle Financial Partners during the 1st quarter worth approximately $26,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners in the third quarter valued at approximately $26,000. BOKF NA boosted its stake 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 valued at $27,000 after buying an additional 265 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in Pinnacle Financial Partners by 97.7% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock worth $30,000 after acquiring an additional 173 shares during the period. Finally, CIBC Private Wealth Group LLC grew its holdings in Pinnacle Financial Partners by 175.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 339 shares of the company's stock worth $32,000 after acquiring an additional 216 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. 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. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Weiss Ratings raised shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. JPMorgan Chase & Co. cut 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. Finally, DA Davidson raised their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $118.35.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider M Terry Turner sold 54,107 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the completion of the transaction, the insider directly owned 248,123 shares in the company, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kevin S. Blair bought 2,565 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were acquired at an average price of $97.48 per share, with a total value of $250,036.20. Following the transaction, the chief executive officer owned 152,397 shares of the company's stock, valued at $14,855,659.56. The trade was a 1.71% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last three months. Corporate insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Price Performance

NYSE PNFP opened at $100.08 on Thursday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The stock has a market cap of $7.76 billion, a P/E ratio of 13.75, a P/E/G ratio of 0.39 and a beta of 1.01. The company has a 50 day moving average price of $102.26. 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 - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were paid 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 of this dividend was Friday, August 7th. Pinnacle Financial Partners's payout ratio is 27.47%.

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.

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