Focus Partners Advisor Solutions LLC Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Focus Partners Advisor Solutions purchased 10,028 shares of Pinnacle Financial Partners worth approximately $1.01 million, while other institutional investors also initiated or increased positions. Institutional investors collectively own 87.4% of PNFP.
• Pinnacle reported quarterly EPS of $2.50, beating the $2.46 consensus estimate, on revenue of $1.24 billion. The stock recently traded at $107.94, near its 52-week high of $110.33.
• The company declared a quarterly dividend of $0.50, equivalent to an annualized $2.00 payout and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $118.35.

Focus Partners Advisor Solutions LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 10,028 shares of the company's stock, valued at approximately $1,012,000.

A number of other institutional investors also recently added to or reduced their stakes in PNFP. State of Wyoming acquired a new stake in Pinnacle Financial Partners in the second quarter valued at $261,000. Summit Asset Management LLC purchased a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at about $696,000. Processus Wealth & Capital Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $721,000. Ballast Inc. acquired a new stake in shares of Pinnacle Financial Partners during the 2nd quarter worth about $393,000. Finally, Handelsbanken Fonder AB lifted its stake in Pinnacle Financial Partners by 27.0% during the second quarter. Handelsbanken Fonder AB now owns 235,281 shares of the company's stock worth $23,735,000 after purchasing an additional 50,000 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Buying and Selling

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was purchased at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the purchase, the insider directly owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider M Terry Turner sold 2,737 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $108.01, for a total value of $295,623.37. Following the completion of the transaction, the insider owned 422,614 shares of the company's stock, valued at approximately $45,646,538.14. This represents a 0.64% decrease in their position. The SEC filing for this sale provides additional information. 1.30% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock opened at $107.94 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 current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The firm has a fifty day simple moving average of $100.77. The firm has a market capitalization of $8.37 billion, a P/E ratio of 14.83, a P/E/G ratio of 0.43 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 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 analyst estimates of $1.24 billion. Sell-side analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 1.9%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 27.47%.

Analysts Set New Price Targets

PNFP has been the topic of a number of research analyst reports. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a report on Monday, July 27th. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a research note on Friday, July 24th. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. 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 note on Friday, July 24th. Finally, Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price objective for the company. Two equities research 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $118.35.

Pinnacle Financial Partners Company 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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