Man Group plc Makes New Investment in Pinnacle Financial Partners, Inc. $PNFP

Man Group plc bought a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 197,950 shares of the company’s stock, valued at approximately $19,969,000.

A number of other large investors have also made changes to their positions in PNFP. Goldman Sachs Group Inc. lifted its position in shares of Pinnacle Financial Partners by 6.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 651,268 shares of the company’s stock valued at $69,060,000 after acquiring an additional 37,989 shares in the last quarter. Focus Partners Wealth grew its position in Pinnacle Financial Partners by 13.9% during the 1st quarter. Focus Partners Wealth now owns 4,755 shares of the company’s stock worth $504,000 after purchasing an additional 581 shares in the last quarter. Amundi grew its position in Pinnacle Financial Partners by 25,700.0% during the 2nd quarter. Amundi now owns 4,386 shares of the company’s stock worth $513,000 after purchasing an additional 4,369 shares in the last quarter. Jump Financial LLC acquired a new stake in Pinnacle Financial Partners during the 2nd quarter valued at $229,000. Finally, Cerity Partners LLC raised its stake in Pinnacle Financial Partners by 4.2% during the 2nd quarter. Cerity Partners LLC now owns 26,061 shares of the company’s stock valued at $2,877,000 after purchasing an additional 1,039 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Up 1.0%

PNFP stock opened at $101.75 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $7.89 billion, a P/E ratio of 13.98, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33. The business has a 50 day simple moving average of $101.92.

Pinnacle Financial Partners (NYSE:PNFP) last posted its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $1.24 billion. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 27.47%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PNFP. Weiss Ratings upgraded Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 12th. Citigroup upped their price target on Pinnacle Financial Partners from $122.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Robert W. Baird started coverage on Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.35.

Insider Transactions at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the business’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 transaction, the insider 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. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider M Terry Turner sold 66,783 shares of the company’s stock in a transaction that occurred 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 transaction, the insider owned 302,230 shares of the company’s stock, valued at approximately $32,643,862.30. This trade represents a 18.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 177,228 shares of company stock worth $19,153,713 over the last quarter. 1.30% of the stock is currently owned by corporate insiders.

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.