Deutsche Bank AG Purchases New Position in Pinnacle Financial Partners, Inc. $PNFP

Deutsche Bank AG acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 228,905 shares of the company’s stock, valued at approximately $23,092,000. Deutsche Bank AG owned about 0.30% of Pinnacle Financial Partners at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its holdings in Pinnacle Financial Partners by 1.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,377 shares of the company’s stock worth $704,000 after purchasing an additional 116 shares in the last quarter. Villanova Investment Management Co LLC boosted its stake in shares of Pinnacle Financial Partners by 0.4% during the fourth quarter. Villanova Investment Management Co LLC now owns 28,511 shares of the company’s stock valued at $2,720,000 after purchasing an additional 118 shares in the last quarter. Simplicity Wealth LLC grew its holdings in shares of Pinnacle Financial Partners by 1.5% during the first quarter. Simplicity Wealth LLC now owns 9,155 shares of the company’s stock worth $789,000 after purchasing an additional 131 shares during the last quarter. Graham Capital Management L.P. raised its holdings in Pinnacle Financial Partners by 0.7% in the 4th quarter. Graham Capital Management L.P. now owns 22,169 shares of the company’s stock valued at $2,115,000 after buying an additional 146 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Pinnacle Financial Partners by 3.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,097 shares of the company’s stock worth $486,000 after purchasing an additional 158 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Insider Buying and Selling

In other news, insider Robert A. Mccabe, Jr. acquired 10,013 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was purchased at an average price of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the acquisition, the insider directly owned 324,233 shares in the company, valued at $32,390,876.70. The trade was a 3.19% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider M Terry Turner sold 54,107 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $108.13, for a total value of $5,850,589.91. Following the transaction, the insider directly owned 248,123 shares in the company, valued at $26,829,539.99. The trade was a 17.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 177,228 shares of company stock valued at $19,153,713 in the last three months. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PNFP. TD Cowen raised their target price on Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Piper Sandler upped their price target on Pinnacle Financial Partners from $122.00 to $123.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Benchmark increased their price target on Pinnacle Financial Partners from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Wells Fargo & Company raised their price objective on 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, Weiss Ratings raised Pinnacle Financial Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Pinnacle Financial Partners presently has an average rating of “Moderate Buy” and an average price target of $118.35.

Pinnacle Financial Partners Trading Up 0.4%

PNFP opened at $102.37 on Friday. The firm has a fifty day moving average of $101.63. Pinnacle Financial Partners, Inc. has a 1-year low of $81.08 and a 1-year high of $110.33. The company has a market capitalization of $7.94 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.41 and a beta of 1.03. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.

Pinnacle Financial Partners (NYSE:PNFP) last issued its earnings results on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.46 by $0.04. Pinnacle Financial Partners had a return on equity of 10.93% and a net margin of 15.40%.The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. On average, research analysts forecast that Pinnacle Financial Partners, Inc. will post 10.19 EPS for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is 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.