Deutsche Bank AG acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 228,905 shares of the company’s stock, valued at approximately $23,092,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Perigon Wealth Management LLC bought a new position in shares of Pinnacle Financial Partners in the second quarter valued at approximately $214,000. Trust Co. of Vermont purchased a new position in Pinnacle Financial Partners in the second quarter worth $157,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Pinnacle Financial Partners in the 2nd quarter valued at $17,601,000. OneDigital Investment Advisors LLC bought a new position in Pinnacle Financial Partners in the 2nd quarter valued at $524,000. Finally, Simplicity Wealth LLC purchased a new stake in shares of Pinnacle Financial Partners during the 2nd quarter valued at $907,000. Hedge funds and other institutional investors own 87.40% of the company’s stock.
Insider Activity at Pinnacle Financial Partners
In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the stock in a transaction on Friday, July 24th. The shares were acquired at an average cost 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 $32,390,876.70. This trade represents a 3.19% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider M Terry Turner sold 66,783 shares of the business’s stock in a transaction 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 transaction, the insider owned 302,230 shares of the company’s stock, valued at $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. In the last ninety days, insiders have sold 177,228 shares of company stock valued at $19,153,713. 1.30% of the stock is owned by corporate insiders.
Pinnacle Financial Partners Stock Performance
Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping 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 business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.
Pinnacle Financial Partners Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 7th will be paid 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 currently 27.47%.
Wall Street Analyst Weigh In
PNFP has been the topic of a number of research analyst reports. Stephens set a $112.00 price target on shares of Pinnacle Financial Partners in a report on Monday, July 27th. TD Cowen raised their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Piper Sandler boosted their target price on shares of Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research note on Friday, July 24th. DA Davidson increased their target price on shares of Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Finally, Wells Fargo & Company raised their price target on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $118.35.
Read Our Latest Stock Report on Pinnacle Financial Partners
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.
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