Royal Bank of Canada Has $15.70 Million Stake 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 trimmed its position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. 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 approximately 0.19% of Pinnacle Financial Partners worth $15,699,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNFP. Baird Financial Group Inc. grew its stake in Pinnacle Financial Partners by 82.5% in the 4th quarter. Baird Financial Group Inc. now owns 6,171 shares of the financial services provider's stock valued at $706,000 after buying an additional 2,790 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Pinnacle Financial Partners by 25.6% during the fourth quarter. Cetera Investment Advisers now owns 12,290 shares of the financial services provider's stock worth $1,406,000 after buying an additional 2,502 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Pinnacle Financial Partners by 1.8% in the fourth quarter. Deutsche Bank AG now owns 11,145 shares of the financial services provider's stock valued at $1,275,000 after acquiring an additional 193 shares during the period. Focus Partners Wealth increased its position in Pinnacle Financial Partners by 26.8% during the fourth quarter. Focus Partners Wealth now owns 4,174 shares of the financial services provider's stock worth $477,000 after acquiring an additional 883 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in Pinnacle Financial Partners in the 4th quarter valued at about $1,162,000. 87.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PNFP. UBS Group dropped their price objective on Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating for the company in a report on Tuesday, September 2nd. Wells Fargo & Company reduced their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating on the stock in a research note on Friday, July 25th. Wall Street Zen upgraded shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Barclays reduced their price target on shares of Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Finally, Citigroup lowered their price objective on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $113.50.

Insider Buying and Selling

In related news, Director G Kennedy Thompson acquired 10,000 shares of the stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the transaction, the director directly owned 28,372 shares of the company's stock, valued at $2,430,061.80. The trade was a 54.43% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average cost of $84.94 per share, for a total transaction of $84,940.00. Following the completion of the purchase, the director owned 28,277 shares of the company's stock, valued at $2,401,848.38. This trade represents a 3.67% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 12,174 shares of company stock valued at $1,047,079 in the last three months. Insiders own 1.46% of the company's stock.

Pinnacle Financial Partners Trading Down 0.7%

Shares of NASDAQ:PNFP traded down $0.71 during midday trading on Tuesday, hitting $94.65. 1,231,067 shares of the stock were exchanged, compared to its average volume of 1,065,425. The business's 50-day moving average price is $98.93 and its 200 day moving average price is $102.44. Pinnacle Financial Partners, Inc. has a 12 month low of $81.57 and a 12 month high of $131.91. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89. The stock has a market capitalization of $7.34 billion, a price-to-earnings ratio of 12.55 and a beta of 1.07.

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

Pinnacle Financial Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, August 1st. Pinnacle Financial Partners's dividend payout ratio is presently 12.73%.

Pinnacle Financial Partners Profile

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.