Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) Shares Bought by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. significantly increased its stake in Pinnacle Financial Partners by 806.3% during the first quarter, acquiring a total of 56,047 shares worth approximately $5.94 million.
• Analysts have mixed views on Pinnacle Financial Partners, with Wells Fargo reducing their target price to $110, while JPMorgan raised it to $125, resulting in an average hold rating and target price of $118.30.
• Pinnacle Financial Partners announced a quarterly dividend of $0.24 per share, representing an annual yield of 1.1% and reflecting a low dividend payout ratio of 12.73%.

Federated Hermes Inc. grew its holdings in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 806.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,047 shares of the financial services provider's stock after purchasing an additional 49,863 shares during the quarter. Federated Hermes Inc. owned about 0.07% of Pinnacle Financial Partners worth $5,943,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PNFP. FMR LLC lifted its holdings in Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock valued at $343,549,000 after acquiring an additional 286,894 shares during the last quarter. North Reef Capital Management LP lifted its stake in shares of Pinnacle Financial Partners by 57.1% in the 4th quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after purchasing an additional 705,000 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of Pinnacle Financial Partners by 57.0% during the 4th quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock worth $178,425,000 after purchasing an additional 566,061 shares during the period. Azora Capital LP increased its position in shares of Pinnacle Financial Partners by 39.2% during the 4th quarter. Azora Capital LP now owns 913,936 shares of the financial services provider's stock worth $104,545,000 after purchasing an additional 257,347 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Pinnacle Financial Partners by 3.9% in the 1st quarter. Principal Financial Group Inc. now owns 881,347 shares of the financial services provider's stock valued at $93,458,000 after buying an additional 32,975 shares during the period. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Pinnacle Financial Partners Stock Performance

Shares of PNFP stock traded up $2.13 during mid-day trading on Friday, hitting $89.89. 800,318 shares of the stock were exchanged, compared to its average volume of 722,006. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 11.95 and a beta of 1.03. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The stock's fifty day simple moving average is $106.40 and its two-hundred day simple moving average is $107.47.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.08. The company had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a net margin of 18.69% and a return on equity of 9.60%. Pinnacle Financial Partners's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period last year, the firm posted $1.63 EPS. On average, analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 1st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, August 1st. Pinnacle Financial Partners's payout ratio is 12.73%.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, Director Thomas C. Farnsworth III purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the purchase, the director directly owned 28,277 shares in the company, valued at $2,401,848.38. This represents a 3.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Kennedy Thompson acquired 10,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $85.65 per share, with a total value of $856,500.00. Following the transaction, the director directly owned 28,372 shares of the company's stock, valued at $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 12,174 shares of company stock worth $1,047,079 over the last ninety days. 1.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PNFP shares. Barclays dropped their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Truist Financial reiterated a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a report on Friday, July 11th. UBS Group reissued a "neutral" rating and issued a $121.00 target price on shares of Pinnacle Financial Partners in a research report on Wednesday, July 9th. Jefferies Financial Group restated a "hold" rating and set a $110.00 price target (down from $145.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods boosted their price objective on Pinnacle Financial Partners from $115.00 to $130.00 and gave the company a "market perform" rating in a report on Thursday, July 17th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $118.30.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.