The Manufacturers Life Insurance Company Takes Position in Pinnacle Financial Partners, Inc. $PNFP

The Manufacturers Life Insurance Company acquired a new stake in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, HoldingsChannel.com reports. The firm acquired 1,165,975 shares of the company’s stock, valued at approximately $117,624,000.

Other institutional investors have also recently made changes to their positions in the company. Resources Management Corp CT ADV bought a new stake in Pinnacle Financial Partners in the first quarter worth about $26,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Pinnacle Financial Partners in the 3rd quarter worth $26,000. BOKF NA lifted its stake in Pinnacle Financial Partners by 1,204.5% in the third 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 purchased a new stake in shares of Pinnacle Financial Partners in the 4th quarter worth approximately $28,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Pinnacle Financial Partners by 97.7% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 350 shares of the company’s stock worth $30,000 after buying an additional 173 shares during the period. Institutional investors own 87.40% of the company’s stock.

Pinnacle Financial Partners Stock Down 0.4%

Shares of NYSE PNFP opened at $100.91 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a 50-day simple moving average of $101.79. Pinnacle Financial Partners, Inc. has a 52 week low of $81.08 and a 52 week high of $110.33. The firm has a market capitalization of $7.83 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 0.40 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last posted its quarterly 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 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%. As a group, equities research 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 announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is presently 27.47%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Evercore reissued an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research report on Monday, July 6th. Stephens set a $112.00 price target on Pinnacle Financial Partners in a research report on Monday, July 27th. Truist Financial upped their price objective on shares of Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Benchmark raised their target price on Pinnacle Financial Partners from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.35.

Insider Activity at Pinnacle Financial Partners

In related news, insider Robert A. Mccabe, Jr. purchased 10,013 shares of the company’s stock in a transaction on Friday, July 24th. The stock was acquired at an average cost of $99.90 per share, for a total transaction of $1,000,298.70. Following the completion of the transaction, the insider directly owned 324,233 shares in the company, valued at approximately $32,390,876.70. The trade was a 3.19% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider M Terry Turner sold 66,783 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $108.01, for a total value of $7,213,231.83. Following the transaction, the insider owned 302,230 shares in the company, valued at $32,643,862.30. This trade represents a 18.10% 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 over the last quarter. 1.30% of the stock is currently owned by company insiders.

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.