AXQ Capital LP Makes New $1.29 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• AXQ Capital LP initiated a $1.29 million position in Pinnacle Financial Partners by purchasing 12,751 shares during the second quarter. Institutional investors and hedge funds collectively own 87.4% of the company.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding analyst expectations of $2.46, on revenue of $1.24 billion. The company pays a quarterly dividend of $0.50 per share, equating to a 2.0% yield.
• Analysts maintain a generally positive view, with the stock rated “Moderate Buy” and an average price target of $118.35, compared with its recent opening price of $101.09.

AXQ Capital LP bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,751 shares of the company's stock, valued at approximately $1,286,000.

Several other large investors have also recently made changes to their positions in PNFP. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth approximately $1,704,708,000. Wellington Management Group LLP grew its stake in Pinnacle Financial Partners by 22.1% in the 2nd quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company's stock valued at $1,123,944,000 after acquiring an additional 2,016,827 shares during the period. AQR Capital Management LLC grew its stake in Pinnacle Financial Partners by 63.1% in the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company's stock valued at $508,551,000 after acquiring an additional 2,062,504 shares during the period. Dimensional Fund Advisors LP increased its holdings in Pinnacle Financial Partners by 80.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock worth $433,712,000 after acquiring an additional 2,244,659 shares in the last quarter. Finally, State Street Corp increased its holdings in Pinnacle Financial Partners by 5.5% in the 4th quarter. State Street Corp now owns 3,451,939 shares of the company's stock worth $329,350,000 after acquiring an additional 179,819 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider Robert McCabe, Jr. purchased 10,013 shares of the firm's stock in a transaction on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kevin S. Blair purchased 2,565 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was acquired at an average cost of $97.48 per share, with a total value 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. This represents a 1.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders sold 177,228 shares of company stock worth $19,153,713. Corporate insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Stock Down 0.3%

Shares of Pinnacle Financial Partners stock opened at $101.09 on Friday. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 0.40 and a beta of 1.01. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The company has a fifty day simple moving average of $102.31.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. As a group, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current 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 given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners's payout ratio is 27.47%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Piper Sandler raised 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. Benchmark boosted their price objective on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. 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. DA Davidson raised their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Wells Fargo & Company lifted their price target on Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an "equal weight" rating in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average target price of $118.35.

Pinnacle Financial Partners Company 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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