Reliant Investment Management LLC Purchases New Shares in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Reliant Investment Management purchased 61,711 shares of Pinnacle Financial Partners worth approximately $5.8 million, giving it a 0.08% stake and making PNFP about 2% of its portfolio. Institutional investors and hedge funds collectively own 87.4% of the stock.
• Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $118.47. Recent actions included Wells Fargo upgrading the stock to “overweight” and Benchmark raising its target to $130.
• Pinnacle exceeded quarterly EPS estimates, reporting $2.50 versus the $2.46 consensus, and maintains a quarterly dividend of $0.50 per share, or $2.00 annually, yielding about 2.2%.

Reliant Investment Management LLC purchased a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 61,711 shares of the company's stock, valued at approximately $5,777,000. Pinnacle Financial Partners accounts for approximately 2.0% of Reliant Investment Management LLC's holdings, making the stock its 24th biggest holding. Reliant Investment Management LLC owned about 0.08% of Pinnacle Financial Partners at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Bank of America Corp DE purchased a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth $70,269,000. Public Employees Retirement System of Ohio purchased a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $4,292,000. BlackRock Inc. purchased a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $1,704,708,000. Man Group plc purchased a new stake in Pinnacle Financial Partners in the 2nd quarter valued at about $19,969,000. Finally, Corient Private Wealth LP acquired a new position in Pinnacle Financial Partners in the second quarter valued at about $1,982,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. TD Cowen lowered their target price on shares of Pinnacle Financial Partners from $119.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Hovde Group assumed coverage on shares of Pinnacle Financial Partners in a research note on Wednesday, September 16th. They issued an "outperform" rating and a $125.00 price target on the stock. Benchmark upped their price objective on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Evercore set a $108.00 price objective on shares of Pinnacle Financial Partners in a report on Thursday, October 1st. Finally, Wells Fargo & Company raised shares of Pinnacle Financial Partners from an "equal weight" rating to an "overweight" rating and set a $118.00 price objective for the company in a research report on Wednesday, September 30th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $118.47.

Insider Buying and Selling at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider M. Turner sold 54,107 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the transaction, the insider owned 248,123 shares of the company's stock, valued at $26,829,539.99. This trade represents a 17.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregory G. Montana purchased 500 shares of the company's stock in a transaction on Thursday, September 10th. The stock was acquired at an average price of $98.61 per share, with a total value of $49,305.00. Following the purchase, the director owned 4,959 shares of the company's stock, valued at approximately $489,006.99. This represents a 11.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 13,078 shares of company stock valued at $1,299,640 and sold 177,228 shares valued at $19,153,713. Company insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Stock Performance

NYSE PNFP opened at $92.80 on Thursday. The company has a market cap of $7.20 billion, a P/E ratio of 9.95, a P/E/G ratio of 0.38 and a beta of 1.03. 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 moving average of $99.12 and a two-hundred day moving average of $97.83. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.20 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 7th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners's dividend payout ratio is presently 27.47%.

Pinnacle Financial Partners Company Profile

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

Its offerings include commercial, small-business and consumer loans; checking, savings and money-market accounts; treasury and cash-management services; online and mobile banking; mortgage lending; and wealth-management, trust, investment and insurance services.

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