Bank of Nova Scotia Has $460,000 Stock Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Bank of Nova Scotia cut its Pinnacle Financial Partners stake by 88.1% in the first quarter, leaving it with 5,338 shares valued at approximately $460,000. Institutional investors and hedge funds collectively own 87.4% of PNFP.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding estimates of $2.46, on revenue of $1.24 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $117.
• The company declared a quarterly dividend of $0.50 per share, equivalent to $2.00 annually and a 1.9% yield; insider Robert A. McCabe Jr. also purchased roughly $1.0 million of PNFP shares.

Bank of Nova Scotia reduced its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 88.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,338 shares of the company's stock after selling 39,546 shares during the quarter. Bank of Nova Scotia's holdings in Pinnacle Financial Partners were worth $460,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PNFP. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners in the 3rd quarter valued at approximately $26,000. High Point Wealth Management LLC acquired a new position in Pinnacle Financial Partners during the fourth quarter valued at approximately $27,000. BOKF NA grew its holdings in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after purchasing an additional 265 shares during the period. Activest Wealth Management bought a new stake in Pinnacle Financial Partners in the fourth quarter valued at approximately $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in 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 valued at $30,000 after purchasing an additional 173 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on PNFP shares. TD Cowen lifted their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a "buy" rating in a report on Monday. Piper Sandler increased their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Barclays dropped their price target on Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, July 24th. Finally, Benchmark decreased their price objective on Pinnacle Financial Partners from $132.00 to $125.00 and set a "buy" rating for the company in a research report on Friday, July 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and an average price target of $117.00.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $104.85 on Friday. The business's 50-day simple moving average is $98.60. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $107.00. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $8.13 billion, a P/E ratio of 14.40, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 analysts' expectations of $1.24 billion. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.18 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

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

Insiders Place Their Bets

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction dated Friday, July 24th. The shares were bought at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

About Pinnacle Financial Partners

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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