Nykredit A S Makes New $2.44 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

Nykredit A S purchased a new position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, Holdings Channel reports. The firm purchased 24,188 shares of the company’s stock, valued at approximately $2,440,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. increased its stake in Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after buying an additional 8,927 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Pinnacle Financial Partners during the 2nd quarter worth about $4,292,000. BlackRock Inc. acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $1,704,708,000. Man Group plc acquired a new position in shares of Pinnacle Financial Partners during the 2nd quarter worth about $19,969,000. Finally, Harbor Advisors LLC bought a new position in shares of Pinnacle Financial Partners in the 1st quarter valued at about $1,034,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PNFP shares. Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Wall Street Zen upgraded Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 12th. Citigroup boosted their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. cut their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Finally, Benchmark raised their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.35.

Insider Transactions at Pinnacle Financial Partners

In related news, insider M. Turner sold 66,783 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the sale, the insider owned 302,230 shares in the company, valued at approximately $32,643,862.30. This represents a 18.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The shares were acquired at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the acquisition, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders sold 177,228 shares of company stock worth $19,153,713. 1.30% of the stock is owned by company insiders.

Pinnacle Financial Partners Stock Performance

Shares of NYSE:PNFP opened at $101.09 on Tuesday. Pinnacle Financial Partners, Inc. has a 52-week low of $81.08 and a 52-week high of $110.33. The firm has a market cap of $7.84 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.40 and a beta of 1.01. The firm has a 50-day moving average price of $102.32. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. As a group, equities analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

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.