43,100 Shares in Pinnacle Financial Partners, Inc. $PNFP Bought by Danske Bank A S

Danske Bank A S acquired a new stake in Pinnacle Financial Partners, Inc. (NYSE:PNFP) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 43,100 shares of the company’s stock, valued at approximately $4,348,000. Danske Bank A S owned approximately 0.06% of Pinnacle Financial Partners at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Brown Brothers Harriman & Co. purchased a new position in shares of Pinnacle Financial Partners in the 3rd quarter valued at $26,000. High Point Wealth Management LLC acquired a new stake in Pinnacle Financial Partners during the fourth quarter worth about $27,000. BOKF NA grew its holdings in shares of Pinnacle Financial Partners by 1,204.5% during the third quarter. BOKF NA now owns 287 shares of the company’s stock valued at $27,000 after purchasing an additional 265 shares during the last quarter. Activest Wealth Management bought a new stake in Pinnacle Financial Partners in the fourth quarter valued at $28,000. Finally, Resources Management Corp CT ADV acquired a new stake in shares of Pinnacle Financial Partners in the 1st quarter worth about $26,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider M Terry Turner sold 66,783 shares of Pinnacle Financial Partners stock in a transaction dated 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 completion of the transaction, the insider owned 302,230 shares of the company’s stock, valued at $32,643,862.30. The trade was a 18.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Mccabe, Jr. purchased 10,013 shares of Pinnacle Financial Partners stock in a transaction that occurred on Friday, July 24th. The shares were purchased 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 of the company’s stock, valued at $32,390,876.70. This represents a 3.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 177,228 shares of company stock valued at $19,153,713 in the last quarter. 1.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Pinnacle Financial Partners from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, July 24th. Robert W. Baird began coverage on Pinnacle Financial Partners in a research report on Tuesday, May 19th. They issued an “outperform” rating and a $115.00 price objective for the company. Truist Financial boosted their price target 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. TD Cowen boosted their price objective on shares of Pinnacle Financial Partners from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Finally, Wall Street Zen raised Pinnacle Financial Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 12th. 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.35.

Pinnacle Financial Partners Stock Performance

Shares of PNFP opened at $102.37 on Friday. The business has a 50-day moving average price of $101.63. 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, Inc. has a fifty-two week low of $81.08 and a fifty-two week high of $110.33. The stock has a market cap of $7.94 billion, a price-to-earnings ratio of 14.06, a P/E/G ratio of 0.41 and a beta of 1.03.

Pinnacle Financial Partners (NYSE:PNFP) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $2.50 EPS for the quarter, topping 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 business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. As a group, research analysts predict that Pinnacle Financial Partners, Inc. will post 10.19 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 7th. Pinnacle Financial Partners’s payout ratio is currently 27.47%.

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.