Amundi Raises Stake in Pinnacle Financial Partners, Inc. $PNFP

Amundi increased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 41.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 438,722 shares of the company's stock after acquiring an additional 129,477 shares during the period. Amundi owned approximately 0.57% of Pinnacle Financial Partners worth $44,258,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Resources Management Corp CT ADV bought a new stake in Pinnacle Financial Partners during the 1st quarter valued at about $26,000. Brown Brothers Harriman & Co. bought a new stake in shares of Pinnacle Financial Partners during the third quarter valued at approximately $26,000. BOKF NA increased its position in shares of 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. Annis Gardner Whiting Capital Advisors LLC raised its holdings in Pinnacle Financial Partners by 97.7% in the 1st 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 last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in Pinnacle Financial Partners by 175.6% in the 4th 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 last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a report on Friday, July 24th. Morgan Stanley began coverage on Pinnacle Financial Partners in a research report on Tuesday. They set an "overweight" rating and a $137.00 price objective on the stock. Citigroup lifted their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. Evercore reissued an "outperform" rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Finally, Wells Fargo & Company upped 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 investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.39.

Insider Buying and Selling

In other Pinnacle Financial Partners news, CEO Kevin S. Blair purchased 2,565 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were bought at an average cost of $97.48 per share, with a total value of $250,036.20. Following the acquisition, the chief executive officer owned 152,397 shares in the company, valued at approximately $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company's stock in a transaction on Friday, July 24th. The stock was acquired 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. This trade represents a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders sold 177,228 shares of company stock valued at $19,153,713. Company insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Stock Performance

NYSE PNFP opened at $99.19 on Friday. The firm's fifty day moving average is $102.28. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week 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 stock has a market capitalization of $7.69 billion, a P/E ratio of 13.62, a PEG ratio of 0.40 and a beta of 1.01.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. The business 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, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio is currently 27.47%.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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