Wellington Management Group LLP boosted its stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP – Free Report) by 22.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 11,141,397 shares of the company’s stock after purchasing an additional 2,016,827 shares during the period. Wellington Management Group LLP owned 0.14% of Pinnacle Financial Partners worth $1,123,944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. acquired a new position in shares of Pinnacle Financial Partners during the third quarter valued at $26,000. Resources Management Corp CT ADV bought a new position in shares of Pinnacle Financial Partners during the first quarter worth about $26,000. BOKF NA increased its holdings 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 acquiring an additional 265 shares during the period. Activest Wealth Management acquired a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth about $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its position in Pinnacle Financial Partners by 97.7% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock valued at $30,000 after purchasing an additional 173 shares during the last quarter. 87.40% of the stock is currently owned by institutional investors.
Insider Activity at Pinnacle Financial Partners
In related news, insider M Terry Turner sold 66,783 shares of the business’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 transaction of $7,213,231.83. Following the sale, the insider owned 302,230 shares of the company’s stock, valued at $32,643,862.30. The trade was a 18.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Mccabe, Jr. bought 10,013 shares of the business’s stock in a transaction on Friday, July 24th. The stock was purchased at an average price of $99.90 per share, with a total value of $1,000,298.70. Following the completion of the transaction, 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 ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 177,228 shares of company stock valued at $19,153,713 over the last quarter. Insiders own 1.30% of the company’s stock.
Pinnacle Financial Partners Stock Up 0.1%
Pinnacle Financial Partners (NYSE:PNFP – Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.04. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. Equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current year.
Pinnacle Financial Partners Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were paid 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 is currently 27.47%.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Pinnacle Financial Partners from $111.00 to $118.00 and gave the company an “equal weight” rating in a research note on Monday, August 10th. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price target on the stock. Piper Sandler lifted their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a report on Friday, July 24th. JPMorgan Chase & Co. reduced their price objective on Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Finally, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. Two 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $118.35.
View Our Latest Stock Report on Pinnacle Financial Partners
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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