Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Pinnacle Financial Partners, Inc. (NYSE:PNFP – Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 174,470 shares of the company’s stock, valued at approximately $17,601,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.22% of Pinnacle Financial Partners at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Resources Management Corp CT ADV acquired a new stake in Pinnacle Financial Partners in the first quarter worth approximately $26,000. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners during the 3rd quarter valued at $26,000. High Point Wealth Management LLC acquired a new position in shares of Pinnacle Financial Partners during the 4th quarter valued at $27,000. BOKF NA raised its stake in shares of Pinnacle Financial Partners by 1,204.5% in the 3rd quarter. BOKF NA now owns 287 shares of the company’s stock worth $27,000 after buying an additional 265 shares in the last quarter. Finally, Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners in the fourth quarter valued at $28,000. 87.40% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the stock in a transaction on Friday, July 24th. The shares were purchased at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the transaction, the insider owned 324,233 shares in the company, valued at approximately $32,390,876.70. This trade represents a 3.19% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider M Terry Turner sold 54,107 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $108.13, for a total transaction of $5,850,589.91. Following the sale, the insider directly owned 248,123 shares in the company, valued at approximately $26,829,539.99. This trade represents a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 177,228 shares of company stock worth $19,153,713 in the last 90 days. 1.30% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
View Our Latest Report on PNFP
Pinnacle Financial Partners Stock Up 0.3%
Shares of Pinnacle Financial Partners stock opened at $101.93 on Friday. Pinnacle Financial Partners, Inc. has a 12-month low of $81.08 and a 12-month high of $110.33. 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. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average is $101.51.
Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%. Analysts expect that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.
Pinnacle Financial Partners Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. Pinnacle Financial Partners’s payout ratio is currently 27.47%.
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.
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