Principal Financial Group Inc. Grows Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Principal Financial Group increased its stake in Pinnacle by 23.7% to 725,225 shares (about 0.93% ownership), adding 138,945 shares in Q4 for a position worth roughly $69.2 million.
• Pinnacle beat quarterly expectations (EPS $2.39 vs. $2.30 est.) and announced a quarterly dividend of $0.50 (annualized $2.00, ~2.0% yield; ex-dividend May 1, pay May 29).
• Analyst sentiment is mostly positive with a "Moderate Buy" consensus and an average target of $114.25, while the stock trades near $98.76 within a 52-week range of $81.08–$120.46.

Principal Financial Group Inc. raised its position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 23.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 725,225 shares of the company's stock after buying an additional 138,945 shares during the quarter. Principal Financial Group Inc. owned about 0.93% of Pinnacle Financial Partners worth $69,194,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PNFP. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners during the 3rd quarter valued at approximately $26,000. High Point Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the fourth quarter worth $27,000. BOKF NA grew its position 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 valued at $27,000 after purchasing an additional 265 shares in the last quarter. Activest Wealth Management bought a new stake in shares of Pinnacle Financial Partners during the 4th quarter valued at $28,000. Finally, Covestor Ltd lifted its holdings in Pinnacle Financial Partners by 193.9% during the 3rd quarter. Covestor Ltd now owns 338 shares of the company's stock worth $32,000 after purchasing an additional 223 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

Insider Transactions at Pinnacle Financial Partners

In other news, CFO Andrew J. Jr. Gregory bought 1,000 shares of the business's stock in a transaction on Thursday, February 12th. The stock was acquired at an average price of $94.52 per share, with a total value of $94,520.00. Following the completion of the purchase, the chief financial officer directly owned 49,485 shares in the company, valued at $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on PNFP. Evercore reiterated an "outperform" rating and set a $115.00 price target on shares of Pinnacle Financial Partners in a research report on Wednesday, April 29th. Weiss Ratings began coverage on shares of Pinnacle Financial Partners in a research note on Monday, March 9th. They issued a "hold (c+)" rating on the stock. Barclays decreased their price target on shares of Pinnacle Financial Partners from $135.00 to $130.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Stephens lifted their price objective on Pinnacle Financial Partners from $95.00 to $109.00 and gave the company an "equal weight" rating in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. upped their target price on Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $114.25.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP opened at $98.76 on Friday. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.38 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.90 and a quick ratio of 0.90. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $120.46. The stock has a fifty day moving average of $90.44.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.09. Pinnacle Financial Partners had a return on equity of 10.61% and a net margin of 15.02%.The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.33 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 1st will be given a $0.50 dividend. The ex-dividend date is Friday, May 1st. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners's payout ratio is presently 27.74%.

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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