Allianz Asset Management GmbH Invests $7.44 Million in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Allianz Asset Management initiated a $7.44 million position in Pinnacle Financial Partners during the second quarter, buying 73,787 shares. Institutional investors collectively own 87.4% of the bank’s stock.
• Pinnacle reported quarterly EPS of $2.50, exceeding the $2.46 consensus estimate, while revenue reached $1.24 billion. The company also maintains a $2.00 annual dividend, yielding about 2%.
• Analysts hold a consensus “Moderate Buy” rating with an average price target of $119.39, above the stock’s reported price of $100.84; however, insiders sold substantially more shares than they bought over the past 90 days.

Allianz Asset Management GmbH bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 73,787 shares of the company's stock, valued at approximately $7,444,000. Allianz Asset Management GmbH owned approximately 0.10% of Pinnacle Financial Partners as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of PNFP. 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. Public Employees Retirement System of Ohio acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $4,292,000. BlackRock Inc. acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $1,704,708,000. Man Group plc bought a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $19,969,000. Finally, Harbor Advisors LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter valued at $1,034,000. Institutional investors own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CEO Kevin S. Blair purchased 2,565 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were acquired at an average price of $97.48 per share, for a total transaction of $250,036.20. Following the completion of the acquisition, the chief executive officer directly owned 152,397 shares of the company's stock, valued at $14,855,659.56. The trade was a 1.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider M. Turner sold 54,107 shares of the company's stock in a transaction that occurred on 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 sale, the insider owned 248,123 shares of the company's stock, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 177,228 shares of company stock valued at $19,153,713. 1.30% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $100.84 on Wednesday. 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 firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. 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 $102.32.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. The company had revenue of $1.24 billion for 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%. As a group, equities analysts predict 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 was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio is currently 27.47%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PNFP. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 27th. Citigroup increased their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. 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 target price for the company. Finally, Wells Fargo & Company raised their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $119.39.

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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