Bank of America Corp DE Sells 45,034 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Bank of America reduced its Pinnacle Financial Partners stake by 5.8%, selling 45,034 shares in the first quarter and retaining 728,066 shares valued at approximately $62.7 million. Institutional investors collectively own 87.4% of PNFP.
• Pinnacle reported quarterly EPS of $2.50, surpassing the $2.46 analyst consensus, while revenue came in at $1.24 billion. The company also declared a quarterly dividend of $0.50 per share, representing a 1.9% yield.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $118.35, compared with a recent share price of $104.56.

Bank of America Corp DE lowered its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 728,066 shares of the company's stock after selling 45,034 shares during the quarter. Bank of America Corp DE owned 0.94% of Pinnacle Financial Partners worth $62,716,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PNFP. Brown Brothers Harriman & Co. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $26,000. Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter valued at approximately $26,000. BOKF NA boosted its holdings in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after buying an additional 265 shares during the last quarter. High Point Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter valued at $27,000. Finally, Activest Wealth Management acquired a new position in Pinnacle Financial Partners during the fourth quarter worth $28,000. 87.40% of the stock is owned by institutional investors.

Insider Transactions at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction that occurred 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 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 acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider M Terry Turner sold 2,737 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $108.01, for a total value of $295,623.37. Following the completion of the transaction, the insider directly owned 422,614 shares of the company's stock, valued at approximately $45,646,538.14. This trade represents a 0.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $104.56 on Tuesday. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 0.42 and a beta of 1.03. 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 debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The company has a 50 day moving average of $99.87.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. On average, analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Pinnacle Financial Partners's payout ratio is currently 27.47%.

Analyst Upgrades and Downgrades

PNFP has been the topic of a number of research analyst reports. DA Davidson upped their target price on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Tuesday, May 12th. Robert W. Baird began coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price target for the company. Benchmark raised their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Finally, Wells Fargo & Company boosted 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 report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $118.35.

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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