Amundi Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Amundi initiated a sizable position in Pinnacle Financial Partners, purchasing 309,245 shares valued at approximately $26.6 million, or 0.40% of the company. Institutional investors collectively own 87.4% of PNFP.
• Analysts remain broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $117. Several firms recently raised their targets, including Citigroup to $126 and UBS to $120.
• Pinnacle reported quarterly EPS of $2.50, exceeding estimates by $0.04, and declared a $0.50 quarterly dividend. The stock opened at $107.63, near its 52-week high, implying a 1.9% dividend yield.

Amundi purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 309,245 shares of the company's stock, valued at approximately $26,638,000. Amundi owned 0.40% of Pinnacle Financial Partners as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Yousif Capital Management LLC lifted its stake in shares of Pinnacle Financial Partners by 92.4% in the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company's stock valued at $4,519,000 after purchasing an additional 22,306 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in 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. M&T Bank Corp increased its holdings in Pinnacle Financial Partners by 283.3% in the fourth quarter. M&T Bank Corp now owns 27,583 shares of the company's stock valued at $2,632,000 after buying an additional 20,386 shares in the last quarter. Impax Asset Management Group plc increased its holdings in Pinnacle Financial Partners by 21.0% in the fourth quarter. Impax Asset Management Group plc now owns 421,413 shares of the company's stock valued at $41,298,000 after buying an additional 73,176 shares in the last quarter. Finally, Anchor Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at approximately $1,156,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The shares were 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 owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PNFP shares. UBS Group upped their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, April 24th. Truist Financial lifted their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. DA Davidson boosted their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Weiss Ratings raised Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Finally, Citigroup boosted their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. Two investment 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $117.00.

Pinnacle Financial Partners Stock Up 2.3%

NYSE PNFP opened at $107.63 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. Pinnacle Financial Partners, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $107.95. The business has a fifty day moving average of $98.98. The firm has a market capitalization of $8.35 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates 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, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

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 $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners's payout ratio is currently 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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