Bank of America Corp DE Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Bank of America purchased 696,561 shares of Pinnacle Financial Partners in the second quarter, valued at approximately $70.3 million and representing about 0.90% of the company. Institutional investors collectively own 87.4% of PNFP.
• Pinnacle reported quarterly EPS of $2.50, exceeding analysts’ $2.46 estimate, on revenue of $1.24 billion. The company also maintains a $0.50 quarterly dividend, equivalent to a 2.1% yield.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $119.68 versus the stock’s reported $96.80 price. Insider activity was mixed, with substantially more shares sold than purchased over the past 90 days.

Bank of America Corp DE purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 696,561 shares of the company's stock, valued at approximately $70,269,000. Bank of America Corp DE owned about 0.90% of Pinnacle Financial Partners as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in PNFP. Resources Management Corp CT ADV bought a new position in shares of Pinnacle Financial Partners in the first quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Pinnacle Financial Partners by 97.7% during 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 in the last quarter. Basecamp Wealth Advisors LLC raised its stake in Pinnacle Financial Partners by 112.2% during the first quarter. Basecamp Wealth Advisors LLC now owns 399 shares of the company's stock worth $34,000 after acquiring an additional 211 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Pinnacle Financial Partners during the first quarter worth $38,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Pinnacle Financial Partners during the 4th quarter worth $53,000. Institutional investors and hedge funds own 87.40% of the company's stock.

Insider Buying and Selling

In other Pinnacle Financial Partners news, insider M. Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the transaction, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory Montana bought 500 shares of the company's stock in a transaction dated Thursday, September 10th. The stock was purchased at an average price of $98.61 per share, for a total transaction of $49,305.00. Following the purchase, the director owned 4,959 shares of the company's stock, valued at approximately $489,006.99. This represents a 11.21% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 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 Price Performance

Shares of PNFP opened at $96.80 on Friday. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The company has a 50 day moving average of $102.06. The stock has a market capitalization of $7.51 billion, a P/E ratio of 13.30, a P/E/G ratio of 0.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

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. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.17 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were given a dividend of $0.50 per share. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.1%. Pinnacle Financial Partners's payout ratio is currently 27.47%.

Wall Street Analyst Weigh In

PNFP has been the subject of several recent research reports. Morgan Stanley began coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, September 8th. They issued an "overweight" rating and a $137.00 price target for the company. Citigroup raised 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. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday, July 27th. DA Davidson raised their price target on shares of 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, Truist Financial lifted their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pinnacle Financial Partners presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.68.

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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