NFJ Investment Group LLC Makes New $42.12 Million Investment in Pinnacle Financial Partners, Inc. $PNFP

NFJ Investment Group LLC purchased a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 417,482 shares of the company’s stock, valued at approximately $42,116,000. Pinnacle Financial Partners comprises 1.4% of NFJ Investment Group LLC’s investment portfolio, making the stock its 17th biggest position.

Several other institutional investors also recently made changes to their positions in PNFP. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Pinnacle Financial Partners by 122.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 16,188 shares of the company’s stock valued at $1,544,000 after purchasing an additional 8,927 shares in the last quarter. M&T Bank Corp increased its position in Pinnacle Financial Partners by 283.3% during the 4th quarter. M&T Bank Corp now owns 27,583 shares of the company’s stock worth $2,632,000 after purchasing an additional 20,386 shares in the last quarter. Harbor Advisors LLC purchased a new position in Pinnacle Financial Partners in the first quarter valued at approximately $1,034,000. Anchor Investment Management LLC purchased a new position in Pinnacle Financial Partners in the first quarter valued at approximately $1,156,000. Finally, Impax Asset Management Group plc raised its holdings in Pinnacle Financial Partners by 21.0% in the fourth quarter. Impax Asset Management Group plc now owns 421,413 shares of the company’s stock valued at $41,298,000 after buying an additional 73,176 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinnacle Financial Partners

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was bought at an average cost of $99.90 per share, with a total value of $1,000,298.70. Following the transaction, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. This represents a 3.19% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider M Terry Turner sold 54,107 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $108.13, for a total value of $5,850,589.91. Following the sale, the insider owned 248,123 shares of the company’s stock, valued at $26,829,539.99. This represents a 17.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 177,228 shares of company stock worth $19,153,713 in the last ninety days. 1.30% of the stock is currently owned by insiders.

Pinnacle Financial Partners Stock Up 0.3%

Shares of NYSE:PNFP opened at $101.93 on Friday. 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 52-week low of $81.08 and a 52-week high of $110.33. The firm has a 50 day moving average price of $101.51. The firm has a market capitalization of $7.91 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly earnings data 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. Pinnacle Financial Partners had a net margin of 15.40% and a return on equity of 10.93%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. On average, equities analysts anticipate that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current year.

Pinnacle Financial Partners Announces Dividend

The company also recently declared 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 27.47%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Robert W. Baird assumed coverage on shares of Pinnacle Financial Partners in a research note on Tuesday, May 19th. They set an “outperform” rating and a $115.00 price objective for the company. Truist Financial raised their target price on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Benchmark lifted their target price on shares of Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Wells Fargo & Company upped 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 report on Monday, August 10th. Finally, Stephens set a $112.00 price target on Pinnacle Financial Partners in a report on Monday, July 27th. Two 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’s stock. Based on data from MarketBeat, Pinnacle Financial Partners has an average rating of “Moderate Buy” and a consensus price target of $118.35.

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.