Royal Bank of Canada Reduces Stock Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Royal Bank of Canada reduced its ownership of Pinnacle Financial Partners by 1.7%, now holding 148,051 shares valued at approximately $15.7 million.
• Analysts have set varying price targets for Pinnacle Financial Partners, with JPMorgan raising it to $125 and Keefe, Bruyette & Woods lowering it to $95, resulting in an average target of $113.50.
• Pinnacle Financial Partners has announced a quarterly dividend of $0.24 per share, with a yield of 1.0%, and a low payout ratio of 12.73%.

Royal Bank of Canada lowered its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 148,051 shares of the financial services provider's stock after selling 2,571 shares during the quarter. Royal Bank of Canada owned 0.19% of Pinnacle Financial Partners worth $15,699,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Graham Capital Management L.P. purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at $1,426,000. Junto Capital Management LP boosted its holdings in Pinnacle Financial Partners by 28.7% during the 1st quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock valued at $47,302,000 after acquiring an additional 99,495 shares during the period. Azora Capital LP boosted its holdings in Pinnacle Financial Partners by 9.2% during the 1st quarter. Azora Capital LP now owns 998,474 shares of the financial services provider's stock valued at $105,878,000 after acquiring an additional 84,538 shares during the period. Kodai Capital Management LP purchased a new position in Pinnacle Financial Partners during the 1st quarter valued at $5,639,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Pinnacle Financial Partners by 2.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider's stock valued at $103,767,000 after acquiring an additional 18,807 shares during the period. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PNFP shares. JPMorgan Chase & Co. boosted their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Barclays lowered their target price on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a report on Monday, July 28th. Keefe, Bruyette & Woods lowered their target price on Pinnacle Financial Partners from $125.00 to $95.00 and set a "market perform" rating for the company in a report on Wednesday, August 13th. Wall Street Zen upgraded Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company lowered their target price on Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $113.50.

Insiders Place Their Bets

In other news, CFO Harold R. Carpenter acquired 1,000 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were acquired at an average cost of $89.73 per share, with a total value of $89,730.00. Following the completion of the acquisition, the chief financial officer owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. This trade represents a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the acquisition, the director directly owned 28,277 shares of the company's stock, valued at approximately $2,401,848.38. This trade represents a 3.67% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is owned by company insiders.

Pinnacle Financial Partners Trading Up 0.1%

Shares of NASDAQ:PNFP opened at $97.69 on Thursday. The business's 50-day moving average is $100.65 and its 200 day moving average is $102.99. Pinnacle Financial Partners, Inc. has a 1 year low of $81.57 and a 1 year high of $131.91. The firm has a market capitalization of $7.58 billion, a P/E ratio of 12.96 and a beta of 1.07. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.89 and a quick ratio of 0.88.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.08. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The company had revenue of $504.99 million for the quarter, compared to analyst estimates of $495.27 million. During the same period in the prior year, the company posted $1.63 EPS. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. On average, research analysts predict that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 1st were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. Pinnacle Financial Partners's payout ratio is currently 12.73%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.

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