NFJ Investment Group LLC Buys Shares of 417,482 Pinnacle Financial Partners, Inc. $PNFP

NFJ Investment Group LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 417,482 shares of the company’s stock, valued at approximately $42,116,000. Pinnacle Financial Partners makes up 1.4% of NFJ Investment Group LLC’s holdings, making the stock its 17th biggest position. NFJ Investment Group LLC owned 0.54% of Pinnacle Financial Partners at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Reliant Investment Partners LLC purchased a new stake in shares of Pinnacle Financial Partners in the 2nd quarter worth about $434,000. PCM Encore LLC purchased a new position in Pinnacle Financial Partners during the 2nd quarter valued at about $207,000. Vise Technologies Inc. purchased a new position in Pinnacle Financial Partners during the 2nd quarter valued at about $1,050,000. one8zero8 LLC acquired a new position in Pinnacle Financial Partners during the second quarter worth about $252,000. Finally, NewEdge Wealth LLC acquired a new position in Pinnacle Financial Partners during the second quarter worth about $416,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Price Performance

NYSE:PNFP opened at $101.93 on Friday. The firm has a 50 day moving average price of $101.51. 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 firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 0.41 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33.

Pinnacle Financial Partners (NYSE:PNFP) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. As a group, sell-side analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The firm also recently declared 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. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio is currently 27.47%.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider M Terry Turner sold 54,107 shares of Pinnacle Financial Partners stock in a transaction on Monday, August 17th. The stock was sold at an average price of $108.13, for a total value of $5,850,589.91. Following the completion of the sale, the insider owned 248,123 shares of the company’s stock, valued at $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was acquired at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the purchase, the insider directly owned 324,233 shares of the company’s stock, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last 90 days. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on PNFP shares. TD Cowen increased 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. Robert W. Baird assumed coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. DA Davidson raised their price target on Pinnacle Financial Partners from $109.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Finally, Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Pinnacle Financial Partners has a consensus rating of “Moderate Buy” and a consensus price target of $118.35.

Pinnacle Financial Partners 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.