Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB increased its Pinnacle Financial Partners stake by 27% in the second quarter, purchasing 50,000 additional shares and bringing its ownership to 235,281 shares, or 0.30% of the company. Institutional investors collectively own 87.40% of PNFP.
• Analysts maintain a positive outlook, with the stock holding a consensus “Moderate Buy” rating and an average price target of $118.35. Recent targets range from $112 to $126.
• Pinnacle exceeded quarterly earnings expectations, reporting $2.50 per share versus the $2.46 consensus estimate, and declared a quarterly dividend of $0.50 per share, equivalent to a 1.9% annualized yield.

Handelsbanken Fonder AB raised its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 27.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 235,281 shares of the company's stock after purchasing an additional 50,000 shares during the period. Handelsbanken Fonder AB owned 0.30% of Pinnacle Financial Partners worth $23,735,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners during the first quarter valued at approximately $26,000. Brown Brothers Harriman & Co. bought a new position in shares of Pinnacle Financial Partners during the third quarter valued at approximately $26,000. High Point Wealth Management LLC bought a new position in Pinnacle Financial Partners during the 4th quarter worth $27,000. BOKF NA grew its position in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock worth $27,000 after acquiring an additional 265 shares during the last quarter. Finally, Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at approximately $28,000. Institutional investors own 87.40% of the company's stock.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider M Terry Turner sold 2,737 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $108.01, for a total transaction of $295,623.37. Following the completion of the sale, the insider directly owned 422,614 shares of the company's stock, valued at $45,646,538.14. This represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of Pinnacle Financial Partners stock in a transaction dated Friday, July 24th. The shares were bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the acquisition, the insider owned 324,233 shares of the company's stock, valued at $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PNFP shares. JPMorgan Chase & Co. decreased their price target on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday, July 24th. DA Davidson lifted their price objective on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. Wells Fargo & Company upped their price objective on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an "equal weight" rating in a report on Monday. Citigroup increased their target price on shares of Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Finally, TD Cowen raised their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $118.35.

Pinnacle Financial Partners Price Performance

NYSE PNFP opened at $106.66 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a 50 day simple moving average of $100.32. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The company has a market cap of $8.27 billion, a P/E ratio of 14.65, a P/E/G ratio of 0.42 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. On average, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 1.9%. Pinnacle Financial Partners's dividend payout ratio (DPR) 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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