Korea Investment CORP Makes New $6.70 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Korea Investment CORP acquired 66,377 shares of Pinnacle Financial Partners in the second quarter, valued at approximately $6.7 million and representing about 0.09% of the company. Institutional investors collectively own 87.4% of PNFP.
• 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, equivalent to a 2.0% annual yield.
• PNFP shares opened at $101.46, near their 50-day average, while analysts maintained a generally positive outlook: the stock has a consensus “Moderate Buy” rating and an average price target of $118.35.

Korea Investment CORP bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 66,377 shares of the company's stock, valued at approximately $6,696,000. Korea Investment CORP owned approximately 0.09% of Pinnacle Financial Partners at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PNFP. Northwestern Mutual Wealth Management Co. raised its stake in Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company's stock valued at $1,544,000 after purchasing an additional 8,927 shares during the last quarter. BlackRock Inc. acquired a new stake in Pinnacle Financial Partners during the 2nd quarter worth $1,704,708,000. M&T Bank Corp boosted its stake in Pinnacle Financial Partners by 283.3% during the 4th quarter. M&T Bank Corp now owns 27,583 shares of the company's stock worth $2,632,000 after purchasing an additional 20,386 shares during the last quarter. Harbor Advisors LLC purchased a new stake in shares of Pinnacle Financial Partners during the first quarter worth $1,034,000. Finally, Anchor Investment Management LLC acquired a new stake in shares of Pinnacle Financial Partners in the first quarter valued at about $1,156,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M Terry Turner sold 66,783 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the transaction, the insider directly owned 302,230 shares of the company's stock, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company's stock in a transaction dated Friday, July 24th. The stock was purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 177,228 shares of company stock worth $19,153,713 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Down 0.8%

Shares of NYSE PNFP opened at $101.46 on Tuesday. The firm has a market capitalization of $7.87 billion, a PE ratio of 13.94, a P/E/G ratio of 0.41 and a beta of 1.03. The company has a fifty day moving average of $101.74. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month 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.

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

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders 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 dividend yield of 2.0%. Pinnacle Financial Partners's payout ratio is presently 27.47%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PNFP. JPMorgan Chase & Co. cut their price objective on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a report on Friday, July 24th. Robert W. Baird began coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price target for the company. Benchmark increased their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Weiss Ratings upgraded Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 26th. Finally, Stephens set a $112.00 price objective on Pinnacle Financial Partners in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Pinnacle Financial Partners currently has a consensus rating of "Moderate Buy" and an average price target of $118.35.

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.

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