Vanguard Group Inc. Has $668.03 Million Position in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Vanguard Group reduced its stake by 5.5% to 7,001,628 shares, leaving it with roughly 9.03% ownership of Pinnacle worth about $668.03 million.
• Pinnacle beat Q earnings expectations with $2.39 EPS vs. $2.30 and revenue of $1.22B vs. $1.20B, and analysts have raised targets—MarketBeat shows a consensus rating of Moderate Buy with a $114.25 price target.
• The company announced a quarterly dividend of $0.50 per share (annualized $2.00, ~2.0% yield), with an ex-dividend date of May 1 and payment on May 29.

Vanguard Group Inc. lowered its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) by 5.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 7,001,628 shares of the company's stock after selling 405,029 shares during the period. Vanguard Group Inc. owned approximately 9.03% of Pinnacle Financial Partners worth $668,025,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its position in shares of Pinnacle Financial Partners by 97.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 47,073 shares of the company's stock valued at $4,327,000 after buying an additional 23,292 shares during the last quarter. Yousif Capital Management LLC raised its position in shares of Pinnacle Financial Partners by 92.4% during the fourth quarter. Yousif Capital Management LLC now owns 46,456 shares of the company's stock valued at $4,519,000 after buying an additional 22,306 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of Pinnacle Financial Partners by 585.5% during the third quarter. Jones Financial Companies Lllp now owns 18,419 shares of the company's stock valued at $1,768,000 after buying an additional 15,732 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of Pinnacle Financial Partners during the third quarter valued at about $1,128,000. Finally, Woodmont Investment Counsel LLC raised its position in Pinnacle Financial Partners by 43.1% in the third quarter. Woodmont Investment Counsel LLC now owns 94,388 shares of the company's stock worth $8,853,000 after purchasing an additional 28,445 shares in the last quarter. Institutional investors and hedge funds own 87.40% of the company's stock.

Insiders Place Their Bets

In other news, CFO Andrew J. Jr. Gregory acquired 1,000 shares of the firm's stock in a transaction on Thursday, February 12th. The shares were purchased at an average cost of $94.52 per share, with a total value of $94,520.00. Following the completion of the purchase, the chief financial officer owned 49,485 shares of the company's stock, valued at $4,677,322.20. This represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company's stock.

Pinnacle Financial Partners Stock Up 0.1%

Shares of Pinnacle Financial Partners stock opened at $98.74 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. The stock has a market cap of $7.66 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 0.37 and a beta of 1.06. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $120.46.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.09. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.20 billion. Pinnacle Financial Partners had a net margin of 15.02% and a return on equity of 10.61%. Research analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.38 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 1st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, May 1st. Pinnacle Financial Partners's dividend payout ratio is currently 27.74%.

Wall Street Analyst Weigh In

A number of research analysts have commented on PNFP shares. JPMorgan Chase & Co. raised their price target on shares of Pinnacle Financial Partners from $105.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. Wall Street Zen downgraded Pinnacle Financial Partners from a "hold" rating to a "sell" rating in a report on Monday. UBS Group lifted their price objective on Pinnacle Financial Partners from $110.00 to $120.00 and gave the company a "buy" rating in a report on Friday, April 24th. Piper Sandler lifted their price objective on Pinnacle Financial Partners from $120.00 to $122.00 and gave the company an "overweight" rating in a report on Wednesday, January 28th. Finally, Deutsche Bank Aktiengesellschaft set a $116.00 price objective on Pinnacle Financial Partners and gave the company a "buy" rating in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Pinnacle Financial Partners currently has an average rating of "Moderate Buy" and a consensus price target of $114.25.

Pinnacle Financial Partners Company Profile

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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