PNC Financial Services Group Inc. Buys 5,398 Shares of Pinnacle Financial Partners, Inc. $PNFP

PNC Financial Services Group Inc. boosted its position in shares of Pinnacle Financial Partners, Inc. (NYSE:PNFP) by 105.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,495 shares of the company’s stock after buying an additional 5,398 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Pinnacle Financial Partners were worth $904,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. AQR Capital Management LLC lifted its holdings in shares of Pinnacle Financial Partners by 63.1% in the 4th quarter. AQR Capital Management LLC now owns 5,330,170 shares of the company’s stock worth $508,551,000 after acquiring an additional 2,062,504 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Pinnacle Financial Partners by 80.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,035,295 shares of the company’s stock valued at $433,712,000 after purchasing an additional 2,244,659 shares during the last quarter. State Street Corp grew its holdings in Pinnacle Financial Partners by 5.5% during the 4th quarter. State Street Corp now owns 3,451,939 shares of the company’s stock valued at $329,350,000 after purchasing an additional 179,819 shares during the last quarter. Wellington Management Group LLP grew its holdings in Pinnacle Financial Partners by 42.2% during the 4th quarter. Wellington Management Group LLP now owns 3,067,116 shares of the company’s stock valued at $292,634,000 after purchasing an additional 910,367 shares during the last quarter. Finally, Invesco Ltd. raised its position in Pinnacle Financial Partners by 9.6% in the 4th quarter. Invesco Ltd. now owns 2,188,080 shares of the company’s stock worth $208,765,000 after purchasing an additional 191,292 shares during the period. Institutional investors own 87.40% of the company’s stock.

Insider Buying and Selling

In other news, insider Robert A. Mccabe, Jr. bought 10,013 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was acquired 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 trade represents a 3.19% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.

Pinnacle Financial Partners Price Performance

Shares of PNFP stock opened at $105.35 on Friday. The company has a market cap of $8.17 billion, a P/E ratio of 14.47, a P/E/G ratio of 0.42 and a beta of 1.04. The stock has a 50-day moving average of $98.77. Pinnacle Financial Partners, Inc. has a one year low of $81.08 and a one year high of $107.00. 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 (NYSE:PNFP) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $2.50 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. On average, research analysts expect that Pinnacle Financial Partners, Inc. will post 10.2 EPS for the current fiscal year.

Pinnacle Financial Partners Announces Dividend

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 issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, August 7th. Pinnacle Financial Partners’s dividend payout ratio (DPR) is presently 27.47%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PNFP. DA Davidson upped their target price on Pinnacle Financial Partners from $109.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Evercore reissued an “outperform” rating and set a $120.00 price target on shares of Pinnacle Financial Partners in a research note on Monday, July 6th. TD Cowen boosted their price objective on Pinnacle Financial Partners from $116.00 to $119.00 and gave the company a “buy” rating in a report on Monday, July 27th. Truist Financial upped their price objective on Pinnacle Financial Partners from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Citigroup increased their target price on Pinnacle Financial Partners from $122.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Two investment 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 company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $117.00.

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.