Callan Family Office LLC Takes $1.72 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Callan Family Office acquired 17,020 shares of Pinnacle Financial Partners worth approximately $1.72 million, while institutional investors collectively own 87.4% of the company.
• Pinnacle reported quarterly EPS of $2.50, exceeding estimates by $0.04, on revenue of $1.24 billion. Analysts expect $10.19 in full-year EPS.
• The company declared a quarterly dividend of $0.50 per share, or $2.00 annually, representing a 2.0% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $118.35.

Callan Family Office LLC acquired a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 17,020 shares of the company's stock, valued at approximately $1,717,000.

Several other large investors have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $1,704,708,000. AQR Capital Management LLC boosted its position in shares of Pinnacle Financial Partners by 63.1% in the fourth 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 boosted its position in shares of Pinnacle Financial Partners by 80.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock valued at $433,712,000 after acquiring an additional 2,244,659 shares during the period. State Street Corp grew its stake in shares of Pinnacle Financial Partners by 5.5% in the fourth 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 during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Pinnacle Financial Partners by 42.2% in the fourth quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company's stock worth $292,634,000 after acquiring an additional 910,367 shares during the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $102.37 on Monday. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. 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 business has a fifty day moving average price of $101.63. The company has a market capitalization of $7.94 billion, a PE ratio of 14.06, a P/E/G ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is currently 27.47%.

Insider Buying and Selling

In related news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm's stock in a transaction on Friday, July 24th. The shares were bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares of the company's stock, valued at $32,390,876.70. This trade 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 through this hyperlink. Also, insider M Terry Turner sold 54,107 shares of the company's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider owned 248,123 shares in the company, valued at approximately $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 177,228 shares of company stock worth $19,153,713 over the last ninety days. Company insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

PNFP has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday, July 24th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. DA Davidson upped their price objective 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. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 27th. Finally, Truist Financial lifted their target price on Pinnacle Financial Partners from $115.00 to $118.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock 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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