Nykredit A S Takes Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Nykredit A S acquired 18,640 shares of Pinnacle Financial Partners in the second quarter, valued at approximately $1.88 million. Institutional investors collectively own 87.4% of the company.
• Pinnacle insiders made notable purchases, including a $1.0 million purchase by Robert McCabe Jr. and a $49,305 purchase by Director Gregory Montana. However, insiders sold approximately $19.15 million of stock over the past three months, compared with $1.30 million in purchases.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $119.68 price target. Pinnacle also exceeded quarterly earnings expectations, reporting $2.50 EPS versus the $2.46 consensus estimate, and pays a $2.00 annualized dividend yielding about 2.1%.

Nykredit A S acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 18,640 shares of the company's stock, valued at approximately $1,880,000.

A number of other large investors have also bought and sold shares of the business. Brown Financial Advisors raised its stake in shares of Pinnacle Financial Partners by 2.7% in the 2nd quarter. Brown Financial Advisors now owns 4,019 shares of the company's stock valued at $405,000 after purchasing an additional 105 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Pinnacle Financial Partners by 1.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company's stock worth $704,000 after buying an additional 116 shares in the last quarter. Villanova Investment Management Co LLC grew its holdings in shares of Pinnacle Financial Partners by 0.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company's stock worth $2,720,000 after buying an additional 118 shares in the last quarter. Simplicity Wealth LLC raised its position in Pinnacle Financial Partners by 1.5% in the 1st quarter. Simplicity Wealth LLC now owns 9,155 shares of the company's stock valued at $789,000 after buying an additional 131 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Pinnacle Financial Partners by 3.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company's stock valued at $486,000 after buying an additional 158 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Pinnacle Financial Partners news, insider Robert McCabe, Jr. acquired 10,013 shares of the business's stock in a transaction dated Friday, July 24th. The stock was bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Montana bought 500 shares of Pinnacle Financial Partners stock in a transaction dated Thursday, September 10th. The shares were acquired at an average price of $98.61 per share, with a total value of $49,305.00. Following the completion of the purchase, the director directly owned 4,959 shares in the company, valued at $489,006.99. This trade represents a 11.21% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders purchased 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. Insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PNFP. Benchmark upped their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Morgan Stanley assumed coverage on shares of Pinnacle Financial Partners in a research report on Tuesday, September 8th. They issued an "overweight" rating and a $137.00 price objective on the stock. 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. DA Davidson raised their target price on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Finally, Evercore reiterated an "outperform" rating and issued a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.68.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $94.73 on Wednesday. The firm has a market capitalization of $7.35 billion, a PE ratio of 13.01, a P/E/G ratio of 0.39 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. The company has a fifty day moving average price of $101.88. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share 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 analyst estimates of $1.24 billion. As a group, equities research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.17 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 7th were paid a $0.50 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.1%. Pinnacle Financial Partners's dividend payout ratio is currently 27.47%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc is a bank holding company headquartered in Nashville, Tennessee. Through its principal subsidiary, Pinnacle Bank, the company provides financial services to businesses, professionals, entrepreneurs and individuals.

Its offerings include commercial and consumer banking, loans, deposit accounts, treasury and cash-management services, and mortgage lending. Pinnacle also provides investment advisory, wealth management, trust, insurance and other financial services through its banking platform and affiliated businesses.

Founded in 2000, Pinnacle has built a regional banking franchise focused primarily on the southeastern United States.

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