5,004 Shares in Pinnacle Financial Partners, Inc. $PNFP Purchased by United Services Automobile Association

Key Points

• United Services Automobile Association has invested approximately $526,000 in Pinnacle Financial Partners, acquiring 5,004 shares during the first quarter of the year.
• Recent research reports have downgraded Pinnacle Financial Partners, with Jefferies Financial Group reducing its target price to $110.00, while four analysts rate the stock as a Buy and six as a Hold.
• Insider buying activity includes a notable transaction by Director G Kennedy Thompson, who purchased 10,000 shares at approximately $85.65 per share, increasing his position by 54.43%.

United Services Automobile Association acquired a new stake in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,004 shares of the financial services provider's stock, valued at approximately $526,000.

Several other large investors have also recently bought and sold shares of the company. Millennium Management LLC purchased a new stake in Pinnacle Financial Partners in the first quarter valued at approximately $77,207,000. Nuveen LLC purchased a new stake in shares of Pinnacle Financial Partners during the 1st quarter valued at $26,879,000. GAMMA Investing LLC lifted its holdings in shares of Pinnacle Financial Partners by 15,990.2% during the 1st quarter. GAMMA Investing LLC now owns 171,361 shares of the financial services provider's stock worth $18,171,000 after acquiring an additional 170,296 shares during the last quarter. Junto Capital Management LP raised its position in Pinnacle Financial Partners by 28.7% during the first quarter. Junto Capital Management LP now owns 446,076 shares of the financial services provider's stock valued at $47,302,000 after purchasing an additional 99,495 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Pinnacle Financial Partners by 309.4% during the first quarter. AQR Capital Management LLC now owns 129,514 shares of the financial services provider's stock worth $13,473,000 after purchasing an additional 97,876 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PNFP. Citigroup dropped their target price on 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. Jefferies Financial Group restated a "hold" rating and issued a $110.00 price objective (down from $145.00) on shares of Pinnacle Financial Partners in a report on Friday, July 25th. Truist Financial reaffirmed a "buy" rating and issued a $127.00 price objective (up previously from $123.00) on shares of Pinnacle Financial Partners in a research note on Friday, July 11th. 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. Finally, Wall Street Zen raised shares of Pinnacle Financial Partners from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Hold" and an average target price of $113.50.

Pinnacle Financial Partners Trading Down 0.4%

Shares of PNFP stock traded down $0.44 during trading hours on Friday, reaching $97.36. The company's stock had a trading volume of 1,152,237 shares, compared to its average volume of 1,048,913. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $7.55 billion, a P/E ratio of 12.91 and a beta of 1.07. The firm's fifty day simple moving average is $99.84 and its 200 day simple moving average is $102.70. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year 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 for the quarter, beating 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 analysts' expectations of $495.27 million. During the same quarter in the previous year, the business posted $1.63 earnings per share. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. Equities research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed 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. This represents a $0.96 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, August 1st. Pinnacle Financial Partners's payout ratio is presently 12.73%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, CFO Harold R. Carpenter bought 1,000 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $89.73 per share, with a total value of $89,730.00. Following the transaction, the chief financial officer owned 105,050 shares of the company's stock, valued at approximately $9,426,136.50. The trade was a 0.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Kennedy Thompson acquired 10,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $85.65 per share, with a total value of $856,500.00. Following the acquisition, the director owned 28,372 shares of the company's stock, valued at $2,430,061.80. This represents a 54.43% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 12,174 shares of company stock valued at $1,047,079. 1.46% of the stock is currently owned by corporate insiders.

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.