Assenagon Asset Management S.A. Makes New $3.18 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Assenagon Asset Management acquired 34,000 shares of Pinnacle Financial Partners valued at approximately $3.18 million during the third quarter. Institutional investors collectively own 87.4% of the company.
• Pinnacle reported third-quarter adjusted earnings of $2.69 per share and revenue of about $1.32 billion, exceeding analyst expectations of $2.62 EPS and $1.28 billion in revenue.
• The company pays a quarterly dividend of $0.50, equivalent to a $2.00 annualized payout and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $118.47.

Assenagon Asset Management S.A. bought a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 34,000 shares of the company's stock, valued at approximately $3,183,000.

Other institutional investors also recently added to or reduced their stakes in the company. Brown Financial Advisors grew its stake in shares of Pinnacle Financial Partners by 2.7% during the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company's stock worth $405,000 after purchasing an additional 105 shares during the period. Simplicity Wealth LLC raised its holdings in Pinnacle Financial Partners by 1.5% in the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company's stock valued at $789,000 after acquiring an additional 131 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 97.7% in 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 last quarter. Northwestern Mutual Wealth Management Co. grew its position in Pinnacle Financial Partners by 1.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,269 shares of the company's stock valued at $935,000 after acquiring an additional 174 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Pinnacle Financial Partners by 1.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,908 shares of the company's stock valued at $1,706,000 after buying an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

More Pinnacle Financial Partners News

Here are the key news stories impacting Pinnacle Financial Partners this week:

• Positive Sentiment: PNFP reported third-quarter adjusted earnings of $2.69 per share, exceeding analyst expectations of $2.61–$2.62 and rising from $2.27 a year earlier. The earnings beat is likely the primary catalyst for the stock’s advance. Pinnacle Financial Surpasses Q3 Earnings and Revenue Estimates
• Positive Sentiment: Quarterly revenue totaled approximately $1.31 billion to $1.32 billion, ahead of the $1.28 billion consensus estimate. The top-line beat reinforces the positive earnings reaction and indicates operating performance was better than expected. PNFP Q3 Revenue Earnings Flash
• Positive Sentiment: The reported 15.40% net margin and 10.93% return on equity provide additional support for the investment case, although investors will likely seek more detail on credit quality, loan growth and net interest income during the earnings discussion. Pinnacle Financial Partners Earnings Details
• Neutral Sentiment: Trading in PNFP was temporarily halted for “news pending” before the earnings release. The halt itself does not change the company’s fundamentals but reflects the market’s response to the scheduled announcement. Pinnacle Financial Partners Announces Third-Quarter Earnings

Pinnacle Financial Partners Stock Up 2.9%

Shares of PNFP stock opened at $98.09 on Thursday. The stock's 50 day simple moving average is $98.09 and its 200 day simple moving average is $98.17. 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 twelve month low of $81.08 and a twelve month high of $110.33. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 0.39 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $2.69 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.07. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.20 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were given a $0.50 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners's payout ratio is presently 27.47%.

Analyst Ratings Changes

Several research analysts recently commented on PNFP shares. Truist Financial cut their price target on Pinnacle Financial Partners from $118.00 to $112.00 and set a "buy" rating on the stock in a research note on Friday, October 9th. Evercore set a $108.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, October 1st. Weiss Ratings raised shares of Pinnacle Financial Partners from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Hovde Group started coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 16th. They issued an "outperform" rating and a $125.00 price target on the stock. Finally, Morgan Stanley lifted their price target on Pinnacle Financial Partners from $137.00 to $139.00 and gave the company an "overweight" rating in a report on Monday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $118.47.

Insider Activity at Pinnacle Financial Partners

In other news, CEO Kevin Blair acquired 2,565 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were purchased at an average cost of $97.48 per share, for a total transaction of $250,036.20. Following the transaction, the chief executive officer owned 152,397 shares of the company's stock, valued at approximately $14,855,659.56. This represents a 1.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert McCabe, Jr. purchased 10,013 shares of the firm's stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares of the company's stock, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 13,078 shares of company stock worth $1,299,640 and sold 177,228 shares worth $19,153,713. Corporate insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Profile

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

Its offerings include commercial and consumer loans, deposit accounts, treasury and cash-management services, mortgage lending, investment and wealth-management services, trust services and insurance solutions. Pinnacle emphasizes relationship-based banking and serves clients through offices and financial professionals in Tennessee and selected markets in the Carolinas and Virginia.

Founded in 2000, Pinnacle has expanded from its Nashville base into a broader regional banking franchise through organic growth and acquisitions.

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