Man Group plc Acquires New Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Man Group plc acquired 197,950 shares of Pinnacle Financial Partners in the second quarter, worth approximately $19.97 million and representing a 0.26% stake. Institutional investors collectively own 87.4% of the company.
• Pinnacle reported quarterly EPS of $2.50, beating estimates by $0.04, on revenue of $1.24 billion. The company also declared a $0.50 quarterly dividend, equivalent to a 2.0% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $118.35, while recent insider activity included significant net selling.

Man Group plc bought a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 197,950 shares of the company's stock, valued at approximately $19,969,000. Man Group plc owned 0.26% of Pinnacle Financial Partners as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Polar Asset Management Partners Inc. bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $25,671,000. Jupiter Topco LLC acquired a new position in shares of Pinnacle Financial Partners during the second quarter worth approximately $454,000. Hsbc Holdings PLC bought a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $6,154,000. Ancora Advisors LLC bought a new position in Pinnacle Financial Partners in the 2nd quarter worth approximately $145,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Pinnacle Financial Partners in the 2nd quarter valued at approximately $878,000. Institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Trading Up 1.0%

Shares of NYSE PNFP opened at $101.75 on Thursday. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $110.33. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm has a 50-day simple moving average of $101.92. The firm has a market cap of $7.89 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last announced its quarterly earnings data 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, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners's payout ratio is 27.47%.

Insider Activity at Pinnacle Financial Partners

In other news, insider M Terry Turner sold 66,783 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the completion of the sale, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. This represents a 18.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of Pinnacle Financial Partners stock in a transaction dated Friday, July 24th. The shares were bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider owned 324,233 shares in the company, 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. In the last 90 days, insiders sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PNFP. Wells Fargo & Company lifted their target price on Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Tuesday, May 12th. Stephens set a $112.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. TD Cowen upped their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a "buy" rating in a report on Monday, July 27th. Finally, Evercore reiterated an "outperform" rating and issued a $120.00 target price on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $118.35.

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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