Swedbank AB Lowers Holdings in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Swedbank AB has reduced its stake in Pinnacle Financial Partners by 37.2%, holding 157,000 shares worth approximately $17.33 million as of the latest SEC filing.
• Several institutional investors have also manipulated their positions in Pinnacle, with KLP Kapitalforvaltning AS and Brooklyn Investment Group increasing their stakes marginally during the quarter.
• Analysts have downgraded their target prices for Pinnacle Financial Partners, with UBS reducing it from $121.00 to $108.00 and Stephens lowering it from $133.00 to $104.00, while the stock currently has an average rating of "Hold."

Swedbank AB lessened its stake in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 37.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,000 shares of the financial services provider's stock after selling 93,000 shares during the quarter. Swedbank AB owned 0.20% of Pinnacle Financial Partners worth $17,334,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Pallas Capital Advisors LLC lifted its position in shares of Pinnacle Financial Partners by 44.3% during the second quarter. Pallas Capital Advisors LLC now owns 2,963 shares of the financial services provider's stock worth $327,000 after acquiring an additional 910 shares in the last quarter. Lbmc Investment Advisors LLC increased its holdings in Pinnacle Financial Partners by 5.9% during the 2nd quarter. Lbmc Investment Advisors LLC now owns 18,146 shares of the financial services provider's stock worth $2,003,000 after purchasing an additional 1,005 shares during the period. NBC Securities Inc. raised its position in Pinnacle Financial Partners by 3.2% in the second quarter. NBC Securities Inc. now owns 8,168 shares of the financial services provider's stock worth $901,000 after acquiring an additional 250 shares in the last quarter. Voya Investment Management LLC lifted its position in Pinnacle Financial Partners by 2.8% during the first quarter. Voya Investment Management LLC now owns 9,463 shares of the financial services provider's stock valued at $1,003,000 after buying an additional 258 shares in the last quarter. Finally, 1248 Management LLC acquired a new position in Pinnacle Financial Partners during the 1st quarter worth $29,000. 87.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Pinnacle Financial Partners

In related news, Director Thomas C. Farnsworth III purchased 1,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $84.94 per share, with a total value of $84,940.00. Following the completion of the purchase, the director owned 28,277 shares in the company, valued at $2,401,848.38. This represents a 3.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director G Kennedy Thompson purchased 10,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $85.65 per share, for a total transaction of $856,500.00. Following the completion of the acquisition, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. The trade was a 54.43% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is currently owned by company insiders.

Pinnacle Financial Partners Stock Performance

Pinnacle Financial Partners stock traded down $1.66 during mid-day trading on Friday, reaching $96.02. The company had a trading volume of 2,081,217 shares, compared to its average volume of 1,109,307. The company has a 50 day moving average of $97.62 and a 200-day moving average of $102.16. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.34. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 12.73 and a beta of 1.07. Pinnacle Financial Partners, Inc. has a 52 week low of $81.57 and a 52 week high of $131.91.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share (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 firm had revenue of $504.99 million during the quarter, compared to analyst estimates of $495.27 million. During the same quarter last year, the business earned $1.63 EPS. The company's revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 1st were paid a $0.24 dividend. 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 dividend payout ratio is presently 12.73%.

Wall Street Analysts Forecast Growth

PNFP has been the topic of several research reports. Hovde Group cut shares of Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. UBS Group lowered their target price on shares of Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 2nd. Truist Financial restated a "buy" rating and issued a $127.00 target price (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. JPMorgan Chase & Co. upped their price objective on Pinnacle Financial Partners from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Wall Street Zen raised Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $113.50.

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.