Impax Asset Management Group plc Purchases 30,000 Shares of Pinnacle Financial Partners, Inc. $PNFP

Impax Asset Management Group plc increased its holdings in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP) by 42.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 100,000 shares of the financial services provider’s stock after purchasing an additional 30,000 shares during the period. Impax Asset Management Group plc owned 0.13% of Pinnacle Financial Partners worth $11,041,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of PNFP. Wellington Management Group LLP lifted its position in shares of Pinnacle Financial Partners by 5.9% in the first quarter. Wellington Management Group LLP now owns 1,592,536 shares of the financial services provider’s stock valued at $168,873,000 after buying an additional 88,282 shares during the last quarter. Fenimore Asset Management Inc increased its holdings in shares of Pinnacle Financial Partners by 2.2% in the second quarter. Fenimore Asset Management Inc now owns 1,076,968 shares of the financial services provider’s stock valued at $118,908,000 after purchasing an additional 23,552 shares during the last quarter. Azora Capital LP raised its position in shares of Pinnacle Financial Partners by 9.2% in the first quarter. Azora Capital LP now owns 998,474 shares of the financial services provider’s stock valued at $105,878,000 after purchasing an additional 84,538 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Pinnacle Financial Partners by 2.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 978,564 shares of the financial services provider’s stock worth $103,767,000 after buying an additional 18,807 shares during the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of Pinnacle Financial Partners during the 1st quarter worth about $77,207,000. Institutional investors and hedge funds own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PNFP has been the subject of several recent research reports. Stephens cut their price target on Pinnacle Financial Partners from $104.00 to $97.00 and set an “equal weight” rating for the company in a research note on Friday, October 17th. Truist Financial dropped their price target on Pinnacle Financial Partners from $107.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, October 17th. Citigroup decreased their target price on shares of Pinnacle Financial Partners from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, July 25th. Hovde Group downgraded shares of Pinnacle Financial Partners from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Finally, Cowen assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $109.55.

Pinnacle Financial Partners Price Performance

Pinnacle Financial Partners stock opened at $87.87 on Friday. The stock’s 50 day moving average is $91.09 and its 200 day moving average is $99.49. Pinnacle Financial Partners, Inc. has a one year low of $81.57 and a one year high of $131.91. The firm has a market cap of $6.82 billion, a P/E ratio of 11.17 and a beta of 1.12. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.89 and a quick ratio of 0.89.

Pinnacle Financial Partners (NASDAQ:PNFP) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.22. Pinnacle Financial Partners had a net margin of 19.17% and a return on equity of 9.91%. The business had revenue of $544.80 million during the quarter, compared to the consensus estimate of $526.40 million. During the same quarter last year, the firm earned $1.86 earnings per share. As a group, research analysts expect that Pinnacle Financial Partners, Inc. will post 7.85 EPS for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Friday, November 7th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, November 7th. Pinnacle Financial Partners’s payout ratio is presently 12.20%.

Insiders Place Their Bets

In other news, Director G Kennedy Thompson purchased 5,000 shares of the business’s stock in a transaction on Monday, October 20th. The shares were acquired at an average price of $87.63 per share, for a total transaction of $438,150.00. Following the completion of the acquisition, the director owned 33,372 shares in the company, valued at approximately $2,924,388.36. The trade was a 17.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.46% of the company’s stock.

Pinnacle Financial Partners Company Profile

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.