Pinnacle Financial Partners, Inc. $PNFP Stock Holdings Lifted by UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC

Key Points

• UBS Asset Management acquired an additional 18,456 shares of Pinnacle Financial Partners, increasing its total holdings by 7.3% to 272,928 shares, valued at approximately $28.9 million.
• Insider transactions included purchases by Director Thomas C. Farnsworth III and CFO Harold R. Carpenter, reflecting confidence in the company's prospects as they increased their respective holdings.
• Pinnacle Financial Partners reported a strong quarterly performance with earnings per share of $2.00, exceeding estimates, as well as a 15.1% revenue increase compared to the same quarter last year.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 7.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 272,928 shares of the financial services provider's stock after purchasing an additional 18,456 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.35% of Pinnacle Financial Partners worth $28,941,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in PNFP. Golden State Wealth Management LLC bought a new stake in Pinnacle Financial Partners during the 1st quarter worth approximately $48,000. SVB Wealth LLC bought a new position in Pinnacle Financial Partners during the first quarter valued at $51,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Pinnacle Financial Partners during the first quarter valued at $57,000. Brooklyn Investment Group boosted its stake in shares of Pinnacle Financial Partners by 15.3% during the first quarter. Brooklyn Investment Group now owns 827 shares of the financial services provider's stock valued at $88,000 after purchasing an additional 110 shares during the period. Finally, UMB Bank n.a. grew its holdings in Pinnacle Financial Partners by 16.6% during the 1st quarter. UMB Bank n.a. now owns 858 shares of the financial services provider's stock worth $91,000 after acquiring an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Insider Activity

In other Pinnacle Financial Partners news, Director G Kennedy Thompson acquired 10,000 shares of the stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $85.65 per share, for a total transaction of $856,500.00. Following the purchase, the director directly owned 28,372 shares in the company, valued at $2,430,061.80. This trade represents a 54.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas C. Farnsworth III acquired 1,000 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average price of $84.94 per share, with a total value of $84,940.00. Following the transaction, the director directly owned 28,277 shares in the company, valued at approximately $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. Over the last quarter, insiders purchased 12,174 shares of company stock worth $1,047,079. 1.46% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Down 1.7%

NASDAQ PNFP traded down $1.66 during trading hours on Friday, hitting $96.02. 2,081,217 shares of the company's stock were exchanged, compared to its average volume of 1,081,055. The business's 50 day moving average is $97.62 and its 200-day moving average is $102.23. Pinnacle Financial Partners, Inc. has a 12-month low of $81.57 and a 12-month high of $131.91. The firm has a market capitalization of $7.45 billion, a P/E ratio of 12.73 and a beta of 1.07. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.08. The firm had revenue of $504.99 million for the quarter, compared to the consensus estimate of $495.27 million. Pinnacle Financial Partners had a return on equity of 9.60% and a net margin of 18.69%.The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. As a group, analysts anticipate 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. Stockholders of record on Friday, August 1st were paid a $0.24 dividend. The ex-dividend date was Friday, August 1st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.0%. Pinnacle Financial Partners's dividend payout ratio (DPR) is 12.73%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PNFP shares. Wells Fargo & Company decreased their price objective on shares of Pinnacle Financial Partners from $125.00 to $110.00 and set an "equal weight" rating for the company in a research report on Friday, July 25th. UBS Group reduced their price target on Pinnacle Financial Partners from $121.00 to $108.00 and set a "neutral" rating on the stock in a report on Tuesday, September 2nd. Barclays cut their price objective on Pinnacle Financial Partners from $140.00 to $125.00 and set an "overweight" rating for the company in a research report on Monday, July 28th. Truist Financial reaffirmed a "buy" rating and issued a $127.00 target price (up from $123.00) on shares of Pinnacle Financial Partners in a research report on Friday, July 11th. Finally, Hovde Group cut Pinnacle Financial Partners from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Pinnacle Financial Partners presently has an average rating of "Hold" and a consensus target price of $113.50.

Pinnacle Financial Partners Company 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.