Nykredit A S Invests $2.44 Million in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Nykredit A/S purchased 24,188 shares of Pinnacle Financial Partners during the second quarter, valued at approximately $2.44 million. Institutional investors collectively own 87.4% of the company.
• Analysts remain generally bullish, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $118.35, above its reported trading price of $101.09.
• Pinnacle reported quarterly EPS of $2.50, exceeding estimates by $0.04, and maintains a quarterly dividend of $0.50 per share, equivalent to a 2.0% annualized yield.

Nykredit A S purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,188 shares of the company's stock, valued at approximately $2,440,000.

Other hedge funds have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its holdings in Pinnacle Financial Partners by 122.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company's stock worth $1,544,000 after acquiring an additional 8,927 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Pinnacle Financial Partners in the 2nd quarter valued at $4,292,000. BlackRock Inc. bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth $1,704,708,000. Man Group plc bought a new position in shares of Pinnacle Financial Partners in the 2nd quarter worth $19,969,000. Finally, Harbor Advisors LLC acquired a new stake in shares of Pinnacle Financial Partners during the first quarter worth $1,034,000. Institutional investors own 87.40% of the company's stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of a number of recent analyst reports. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a report on Monday, July 27th. Evercore reaffirmed an "outperform" rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Robert W. Baird initiated coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an "outperform" rating and a $115.00 price target for the company. Citigroup lifted their price objective on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $118.35.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider M. Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction that occurred 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 owned 248,123 shares of the company's stock, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robert McCabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction dated Friday, July 24th. The stock was bought at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have sold 177,228 shares of company stock worth $19,153,713. Company insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Trading Up 0.1%

NYSE:PNFP opened at $101.09 on Tuesday. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. The firm has a 50-day simple moving average of $102.32. The firm has a market capitalization 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 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 results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio (DPR) is 27.47%.

Pinnacle Financial Partners Company 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.

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.