Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Mitsubishi UFJ Asset Management massively increased its stake in Pinnacle Financial Partners during the fourth quarter, ending with 143,353 shares worth about $13.6 million.
• Analyst sentiment remains generally positive, with JPMorgan and UBS lifting price targets to $120 and the overall consensus rating at Moderate Buy, despite one recent downgrade from Wall Street Zen.
• Pinnacle Financial Partners posted solid quarterly results, beating EPS and revenue estimates, and it declared a $0.50 quarterly dividend payable May 29, implying a 2.0% annualized yield.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 82,286.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,353 shares of the company's stock after buying an additional 143,179 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Pinnacle Financial Partners worth $13,633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. purchased a new stake in Pinnacle Financial Partners in the 3rd quarter worth $26,000. High Point Wealth Management LLC purchased a new position in Pinnacle Financial Partners during the fourth quarter valued at $27,000. BOKF NA grew its position in shares of Pinnacle Financial Partners by 1,204.5% in the third quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after purchasing an additional 265 shares during the period. Activest Wealth Management purchased a new stake in shares of Pinnacle Financial Partners during the fourth quarter worth about $28,000. Finally, Covestor Ltd increased its stake in shares of Pinnacle Financial Partners by 193.9% during the third quarter. Covestor Ltd now owns 338 shares of the company's stock worth $32,000 after purchasing an additional 223 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PNFP shares. JPMorgan Chase & Co. raised their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the company an "overweight" rating in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft set a $116.00 target price on Pinnacle Financial Partners and gave the company a "buy" rating in a report on Wednesday, January 21st. Wall Street Zen downgraded Pinnacle Financial Partners from a "hold" rating to a "sell" rating in a research report on Monday, May 4th. UBS Group lifted their price target on Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, April 24th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Pinnacle Financial Partners in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $114.25.

Insider Activity

In related news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, for a total transaction of $94,520.00. Following the acquisition, the chief financial officer owned 49,485 shares in the company, valued at approximately $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Trading Up 0.1%

Shares of PNFP stock opened at $97.99 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 0.90. Pinnacle Financial Partners, Inc. has a twelve month low of $81.08 and a twelve month high of $120.46. The firm's 50-day moving average price is $90.44. The firm has a market cap of $7.60 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 0.37 and a beta of 1.06.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.20 billion. As a group, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.33 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, May 1st. 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 currently 27.74%.

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.

Want to see what other hedge funds are holding PNFP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report).

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.