Cetera Investment Advisers Acquires Shares of 27,935 Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Cetera Investment Advisers acquired 27,935 shares of Pinnacle Financial Partners in the first quarter, valued at approximately $2.4 million. Institutional investors collectively own 87.4% of the company.
• Pinnacle reported quarterly EPS of $2.50, exceeding analysts’ $2.46 estimate, while revenue reached $1.24 billion. The company also declared a quarterly dividend of $0.50 per share, representing a 1.9% annualized yield.
• Analysts maintain a generally bullish outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $117.29, above its reported $104.75 opening price.

Cetera Investment Advisers bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 27,935 shares of the company's stock, valued at approximately $2,406,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Brown Brothers Harriman & Co. purchased a new position in Pinnacle Financial Partners during the third quarter valued at $26,000. High Point Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the 4th quarter worth about $27,000. BOKF NA lifted its position in Pinnacle Financial Partners by 1,204.5% during the 3rd quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after acquiring an additional 265 shares during the period. Activest Wealth Management bought a new stake in Pinnacle Financial Partners during the fourth quarter worth about $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings 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 worth $30,000 after purchasing an additional 173 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Down 1.6%

PNFP opened at $104.75 on Friday. 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 firm's 50 day moving average is $99.69. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33. The stock has a market capitalization of $8.13 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 0.42 and a beta of 1.03.

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 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 company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. As a group, 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 will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio is 27.47%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Evercore reiterated an "outperform" rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a report on Monday, July 6th. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday, July 24th. Citigroup lifted their price objective on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a report on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $117.29.

Insider Buying and Selling

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction on Friday, July 24th. The shares were bought at an average price 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 in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.30% of the company's stock.

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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