UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP – Free Report) by 11,547.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 452,150 shares of the company’s stock after acquiring an additional 448,268 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.58% of Pinnacle Financial Partners worth $45,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in Pinnacle Financial Partners by 122.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after buying an additional 8,927 shares during the period. BlackRock Inc. bought a new stake in Pinnacle Financial Partners during the 2nd quarter valued at approximately $1,704,708,000. Man Group plc bought a new stake in shares of Pinnacle Financial Partners during the second quarter valued at approximately $19,969,000. Harbor Advisors LLC bought a new stake in Pinnacle Financial Partners in the 1st quarter valued at $1,034,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Pinnacle Financial Partners in the first quarter worth about $2,574,000. Institutional investors own 87.40% of the company’s stock.
Pinnacle Financial Partners Price Performance
Pinnacle Financial Partners stock opened at $100.08 on Thursday. The stock has a market capitalization of $7.76 billion, a PE ratio of 13.75, a PEG ratio of 0.39 and a beta of 1.01. The firm has a 50 day simple moving average of $102.26. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. Pinnacle Financial Partners, Inc. has a 12 month low of $81.08 and a 12 month high of $110.33.
Pinnacle Financial Partners Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend 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 (DPR) is 27.47%.
Insiders Place Their Bets
In other news, insider M Terry Turner sold 54,107 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider owned 248,123 shares in the company, valued at approximately $26,829,539.99. The trade was a 17.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin S. Blair acquired 2,565 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was bought at an average price of $97.48 per share, with a total value of $250,036.20. Following the purchase, the chief executive officer directly owned 152,397 shares of the company’s stock, valued at $14,855,659.56. This represents a 1.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have sold 177,228 shares of company stock valued at $19,153,713. 1.30% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on PNFP shares. Weiss Ratings raised shares of Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, June 26th. TD Cowen boosted their target price on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Stephens set a $112.00 price objective on Pinnacle Financial Partners in a research note on Monday, July 27th. Benchmark increased their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. cut their price target 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 research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $118.35.
Read Our Latest Report on PNFP
About Pinnacle Financial Partners
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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