Pinnacle Financial Partners, Inc. $PNFP Shares Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC more than doubled its Pinnacle Financial Partners stake in the second quarter, purchasing 31,094 additional shares to own 60,988 shares valued at approximately $6.15 million. Institutional investors collectively hold 87.4% of PNFP.
• Pinnacle reported quarterly earnings of $2.50 per share, exceeding estimates by $0.04, on revenue of $1.24 billion. The company also pays a quarterly dividend of $0.50, equal to a 2.0% annualized yield.
• Analysts maintain a generally positive view, with PNFP carrying a “Moderate Buy” consensus rating and an average price target of $119.39 versus its reported share price of $99.15.

Hsbc Holdings PLC increased its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 104.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 60,988 shares of the company's stock after purchasing an additional 31,094 shares during the period. Hsbc Holdings PLC owned approximately 0.08% of Pinnacle Financial Partners worth $6,154,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNFP. BlackRock Inc. acquired a new stake in shares of Pinnacle Financial Partners in the second quarter valued at $1,704,708,000. AQR Capital Management LLC increased its stake in Pinnacle Financial Partners by 1,697.4% during the third quarter. AQR Capital Management LLC now owns 3,267,666 shares of the company's stock worth $306,474,000 after purchasing an additional 3,085,867 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Pinnacle Financial Partners by 80.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company's stock worth $433,712,000 after purchasing an additional 2,244,659 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Pinnacle Financial Partners by 22.1% in the second quarter. Wellington Management Group LLP now owns 11,141,397 shares of the company's stock valued at $1,123,944,000 after purchasing an additional 2,016,827 shares during the period. Finally, Nomura Holdings Inc. acquired a new position in shares of Pinnacle Financial Partners in the third quarter valued at approximately $187,822,000. Hedge funds and other institutional investors own 87.40% of the company's stock.

Pinnacle Financial Partners Stock Performance

NYSE:PNFP opened at $99.15 on Thursday. The business's 50-day simple moving average is $102.29. The firm has a market cap of $7.69 billion, a PE ratio of 13.62, a P/E/G ratio of 0.40 and a beta of 1.01. Pinnacle Financial Partners, Inc. has a 1 year low of $81.08 and a 1 year high of $110.33. 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 issued its earnings results 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. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. On average, equities research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.

Pinnacle Financial Partners Dividend Announcement

The business 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. 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 is currently 27.47%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PNFP shares. JPMorgan Chase & Co. reduced their target price on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, July 24th. Weiss Ratings raised Pinnacle Financial Partners from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, June 26th. Evercore reiterated an "outperform" rating and issued a $120.00 price objective on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. Benchmark lifted their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Finally, TD Cowen boosted their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $119.39.

Insider Activity

In other Pinnacle Financial Partners news, insider M. Turner sold 54,107 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider owned 248,123 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin S. Blair purchased 2,565 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were acquired at an average price of $97.48 per share, with a total value of $250,036.20. Following the purchase, the chief executive officer owned 152,397 shares in the company, valued at $14,855,659.56. This trade represents a 1.71% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders sold 177,228 shares of company stock valued at $19,153,713. Insiders own 1.30% of the company's stock.

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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