Vise Technologies Inc. Buys New Shares in Pinnacle Financial Partners, Inc. $PNFP

Key Points

• Vise Technologies established a new 10,407-share position in Pinnacle Financial Partners worth approximately $1.05 million. Institutional investors collectively own 87.4% of PNFP.
• Analysts maintain a favorable outlook, with an average rating of “Moderate Buy” and an average price target of $118.35, compared with the stock’s recent price of $102.37.
• Pinnacle exceeded quarterly EPS estimates, reporting $2.50 versus the $2.46 consensus, and declared a $0.50 quarterly dividend, equivalent to a 2.0% annual yield. Insider activity was mixed, including a $7.2 million sale by M. Terry Turner and a $1.0 million purchase by Robert A. McCabe Jr.

Vise Technologies Inc. purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,407 shares of the company's stock, valued at approximately $1,050,000.

A number of other large investors also recently bought and sold shares of PNFP. Goldman Sachs Group Inc. increased its holdings in shares of Pinnacle Financial Partners by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company's stock worth $69,060,000 after buying an additional 37,989 shares during the last quarter. Focus Partners Wealth boosted its holdings in Pinnacle Financial Partners by 13.9% in the first quarter. Focus Partners Wealth now owns 4,755 shares of the company's stock valued at $504,000 after acquiring an additional 581 shares during the last quarter. Amundi grew its position in Pinnacle Financial Partners by 25,700.0% during the second quarter. Amundi now owns 4,386 shares of the company's stock valued at $513,000 after acquiring an additional 4,369 shares during the period. Jump Financial LLC purchased a new stake in Pinnacle Financial Partners during the second quarter valued at about $229,000. Finally, Cerity Partners LLC increased its stake in Pinnacle Financial Partners by 4.2% during the second quarter. Cerity Partners LLC now owns 26,061 shares of the company's stock worth $2,877,000 after acquiring an additional 1,039 shares during the last quarter. Hedge funds and other institutional investors own 87.40% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PNFP. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an "overweight" rating on the stock in a report on Friday, July 24th. Evercore reiterated an "outperform" rating and set a $120.00 target price on shares of Pinnacle Financial Partners in a report on Monday, July 6th. Benchmark increased their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Piper Sandler raised their price target on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Finally, TD Cowen lifted their price target on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Pinnacle Financial Partners presently has an average rating of "Moderate Buy" and an average price target of $118.35.

Insider Activity at Pinnacle Financial Partners

In other news, insider M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $108.01, for a total transaction of $7,213,231.83. Following the sale, the insider owned 302,230 shares in the company, valued at $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the company's stock in a transaction dated Friday, July 24th. The shares were purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the purchase, the insider directly owned 324,233 shares of the company's stock, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

Pinnacle Financial Partners Trading Up 0.4%

Shares of NYSE PNFP opened at $102.37 on Friday. The firm has a fifty day moving average of $101.63. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. The firm has a market cap of $7.94 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts' consensus estimates of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. On average, sell-side analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.0%. Pinnacle Financial Partners's payout ratio is 27.47%.

About Pinnacle Financial Partners

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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