The Manufacturers Life Insurance Company purchased a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,165,975 shares of the company's stock, valued at approximately $117,624,000. The Manufacturers Life Insurance Company owned 1.50% of Pinnacle Financial Partners at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Resources Management Corp CT ADV bought a new position in Pinnacle Financial Partners in the 1st quarter valued at $26,000. Brown Brothers Harriman & Co. purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter worth about $26,000. BOKF NA grew its position in Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company's stock valued at $27,000 after acquiring an additional 265 shares during the last quarter. Activest Wealth Management bought a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Pinnacle Financial Partners by 97.7% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company's stock valued at $30,000 after buying an additional 173 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
PNFP has been the topic of several analyst reports. Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, May 12th. Citigroup increased their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. Wells Fargo & Company lifted their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Benchmark boosted their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Finally, Stephens set a $112.00 target price on shares of Pinnacle Financial Partners in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of "Moderate Buy" and an average target price of $118.35.
View Our Latest Analysis on PNFP
Insider Buying and Selling at Pinnacle Financial Partners
In related news, insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction on Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the transaction, the insider owned 248,123 shares in the company, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction dated Friday, July 24th. The stock was acquired at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 over the last 90 days. Insiders own 1.30% of the company's stock.
Pinnacle Financial Partners Stock Down 0.4%
Pinnacle Financial Partners stock opened at $100.91 on Wednesday. The company's 50-day moving average price is $101.79. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. The company has a market cap of $7.83 billion, a P/E ratio of 13.86, a P/E/G ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33.
Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.04. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 27.47%.
About Pinnacle Financial Partners
(
Free Report)
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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