Formuepleje A S Makes New $1.75 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Formuepleje A S acquired 17,296 shares of Pinnacle Financial Partners during the second quarter, worth approximately $1.75 million. Institutional investors collectively own 87.4% of the bank’s outstanding stock.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding analyst expectations of $2.46, on revenue of $1.24 billion. The company also maintains a $0.50 quarterly dividend, equivalent to a 2.0% yield.
• Analysts rate the stock a consensus “Moderate Buy”, with an average price target of $118.35 versus a recent share price of $101.09; however, insiders sold approximately $19.2 million of stock over the past 90 days.

Formuepleje A S acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 17,296 shares of the company's stock, valued at approximately $1,745,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brown Financial Advisors boosted its holdings in shares of Pinnacle Financial Partners by 2.7% during the second quarter. Brown Financial Advisors now owns 4,019 shares of the company's stock worth $405,000 after purchasing an additional 105 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Pinnacle Financial Partners by 1.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company's stock valued at $704,000 after purchasing an additional 116 shares during the period. Villanova Investment Management Co LLC increased its holdings in Pinnacle Financial Partners by 0.4% during the 4th quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company's stock valued at $2,720,000 after purchasing an additional 118 shares during the period. Simplicity Wealth LLC raised its position in Pinnacle Financial Partners by 1.5% during the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company's stock valued at $789,000 after purchasing an additional 131 shares during the last quarter. Finally, Graham Capital Management L.P. raised its position in Pinnacle Financial Partners by 0.7% during the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company's stock valued at $2,115,000 after purchasing an additional 146 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Pinnacle Financial Partners Price Performance

Shares of Pinnacle Financial Partners stock opened at $101.09 on Monday. The company has a market cap of $7.84 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 0.40 and a beta of 1.01. The stock has a 50-day moving average price of $102.31. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 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.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts' consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, equities analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio is presently 27.47%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Evercore reiterated an "outperform" rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Benchmark upped their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research note on Monday, July 27th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. Finally, TD Cowen boosted their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, July 27th. 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 data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $118.35.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the firm's stock in a transaction dated Friday, July 24th. The stock was purchased 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 directly 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 legal filing with the SEC, which can be accessed through the SEC website. Also, insider M. Turner sold 54,107 shares of the company's stock in a transaction 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 transaction, the insider directly owned 248,123 shares in the company, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 177,228 shares of company stock valued at $19,153,713 over the last 90 days. Corporate insiders own 1.30% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source