Pinnacle Financial Partners, Inc. $PNFP Shares Acquired by Wellington Management Group LLP

Key Points

• Wellington Management increased its Pinnacle Financial Partners stake by 22.1% in the second quarter, acquiring 2.02 million additional shares. It now owns 11.14 million shares, or 14.36% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $118.35. Recent targets range from $112 to $126, while the company’s latest quarterly EPS of $2.50 exceeded estimates.
• Pinnacle declared a quarterly dividend of $0.50 per share, equivalent to a 2.0% annualized yield. Insider activity was mixed, with one executive purchasing roughly $1.0 million in shares while insiders collectively sold $19.2 million over the past 90 days.

Wellington Management Group LLP increased its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 22.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,141,397 shares of the company's stock after purchasing an additional 2,016,827 shares during the quarter. Wellington Management Group LLP owned 14.36% of Pinnacle Financial Partners worth $1,123,944,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Brown Brothers Harriman & Co. acquired a new stake in shares of Pinnacle Financial Partners during the third quarter valued at about $26,000. Resources Management Corp CT ADV acquired a new position in shares of Pinnacle Financial Partners in the first quarter worth about $26,000. BOKF NA lifted its stake 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 worth $27,000 after acquiring an additional 265 shares in the last quarter. Activest Wealth Management purchased a new position in Pinnacle Financial Partners in the fourth quarter valued at about $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Pinnacle Financial Partners by 97.7% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock valued at $30,000 after purchasing an additional 173 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on PNFP. Wells Fargo & Company raised their price objective 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. Stephens set a $112.00 target price on Pinnacle Financial Partners in a research report on Monday, July 27th. TD Cowen increased their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Citigroup raised their price target on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. Finally, Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Two research 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.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $118.35.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction on Friday, August 14th. The shares were sold at an average price of $108.01, for a total value of $7,213,231.83. Following the completion of the transaction, the insider owned 302,230 shares of the company's stock, valued at $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm's stock in a transaction on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider owned 324,233 shares of the company's stock, valued at $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. Insiders have sold 177,228 shares of company stock worth $19,153,713 over the last 90 days. 1.30% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $101.08 on Friday. 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 market capitalization of $7.84 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $110.33. The stock has a 50-day moving average price of $102.11.

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, beating the consensus estimate 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 firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. On average, equities research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio is currently 27.47%.

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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