M&T Bank Corp Purchases 20,386 Shares of Pinnacle Financial Partners, Inc. $PNFP

Key Points

• M&T Bank Corp increased its stake in Pinnacle Financial Partners by 283.3% in Q4, buying 20,386 shares to hold 27,583 shares worth approximately $2.63 million.
• Several large institutions (including AQR, Nomura, Wellington and Bank of America) have materially added positions, leaving institutional ownership at about 87.4%.
• Pinnacle recently beat quarterly EPS estimates ($2.39 vs. $2.30), has an average analyst rating of “Moderate Buy” with a $113.56 average price target, and announced a $0.50 quarterly dividend (2.0% yield).

M&T Bank Corp boosted its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 283.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,583 shares of the company's stock after acquiring an additional 20,386 shares during the period. M&T Bank Corp's holdings in Pinnacle Financial Partners were worth $2,632,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in shares of Pinnacle Financial Partners by 1,697.4% in the 3rd quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock worth $306,474,000 after buying an additional 3,085,867 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in Pinnacle Financial Partners in the 3rd quarter valued at $187,822,000. Wellington Management Group LLP boosted its stake in Pinnacle Financial Partners by 51.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,156,749 shares of the company's stock valued at $202,281,000 after buying an additional 728,975 shares in the last quarter. Pentwater Capital Management LP bought a new stake in Pinnacle Financial Partners in the third quarter valued at $42,538,000. Finally, Bank of America Corp DE raised its stake in Pinnacle Financial Partners by 66.8% during the third quarter. Bank of America Corp DE now owns 828,944 shares of the company's stock worth $77,747,000 after acquiring an additional 332,092 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PNFP shares. Deutsche Bank Aktiengesellschaft set a $116.00 price objective on Pinnacle Financial Partners and gave the stock a "buy" rating in a research note on Wednesday, January 21st. Raymond James Financial reissued a "strong-buy" rating on shares of Pinnacle Financial Partners in a report on Thursday, January 22nd. Citigroup boosted their price target on shares of Pinnacle Financial Partners from $118.00 to $122.00 and gave the company a "buy" rating in a research report on Monday, January 26th. Truist Financial set a $100.00 price objective on shares of Pinnacle Financial Partners in a research note on Friday, January 9th. Finally, UBS Group raised their price objective on shares of Pinnacle Financial Partners from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Pinnacle Financial Partners has an average rating of "Moderate Buy" and an average price target of $113.56.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the company's stock in a transaction dated Thursday, February 12th. The stock was bought at an average price of $94.52 per share, for a total transaction of $94,520.00. Following the completion of the transaction, the chief financial officer directly owned 49,485 shares in the company, valued at $4,677,322.20. The trade was a 2.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Trading Up 2.6%

Shares of PNFP opened at $98.36 on Tuesday. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 0.32 and a beta of 1.00. 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 52 week low of $81.08 and a 52 week high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.30 by $0.09. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.29 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 1st will be given 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 payout ratio is presently 27.74%.

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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