364,549 Shares in Pinnacle Financial Partners, Inc. $PNFP Bought by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 364,549 shares of Pinnacle Financial Partners worth approximately $36.8 million, giving it a 0.47% stake. Institutional investors collectively own 87.4% of the company.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding estimates of $2.46, on revenue of $1.24 billion. The company also maintains a $0.50 quarterly dividend, equivalent to a 2.0% annual yield.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $118.35, compared with a recent price of $101.08.

Legal & General Group Plc purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 364,549 shares of the company's stock, valued at approximately $36,776,000. Legal & General Group Plc owned 0.47% of Pinnacle Financial Partners at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Pinnacle Financial Partners by 122.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company's stock worth $1,544,000 after buying an additional 8,927 shares during the period. BlackRock Inc. acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $1,704,708,000. Harbor Advisors LLC bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at approximately $1,034,000. Hsbc Holdings PLC bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at approximately $2,574,000. Finally, Anchor Investment Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth approximately $1,156,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Up 0.1%

NYSE:PNFP opened at $101.08 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm has a fifty day moving average price of $102.11. The company has a market capitalization of $7.84 billion, a PE ratio of 13.88, a PEG ratio of 0.40 and a beta of 1.03.

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

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. Pinnacle Financial Partners's payout ratio is currently 27.47%.

Insider Activity

In other news, insider M Terry Turner sold 66,783 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider directly owned 302,230 shares of the company's stock, valued at approximately $32,643,862.30. This represents a 18.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of the business's stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 over the last 90 days. 1.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Benchmark raised their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. decreased their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday, July 24th. Finally, Piper Sandler lifted their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. Two investment 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 company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and an average 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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